S.68: Cash credits-Share application money-Shell company- Addition justified

DCIT Vs Leena Power Tech Engineers Pvt Ltd (ITAT Mumbai) 1. By way of this appeal, the Assessing Officer has challenged correctness of the order dated 29th November 2019, passed by the learned CIT(A) in the matter of assessment under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’), for the assessment year 2011-12. 2. Grievance of the appellant, as set out in the memorandum of appeal, is as follows: “On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in allowing the addition of share applicati...