Onus of proving nature and source of receipt lies on the assessee

VEL Software Limited Vs DCIT (ITAT Pune)

Facts- The AO found during the year under consideration, share capital of the company was increased from Rs.3,25,80,000/- to 12,55,80,000/- showing an increase of Rs.9,30,00,000/-. On being asked to explain, it was contended that the increase in share capital was contributed by ten shareholders in amounts ranging from Rs.60,00,000/- to Rs.1,25,00,000/-. Various enquiries have been conducted by the department which have been detailed in the assessment order. One pertinent point which has been brou

Please become a Premium member. If you are already a Premium member, login here to access the full content.