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ITAT Delhi Upholds Deletion of Share Capital Addition: Section 68 Onus Discharged
Case Law Details
- Case Name
- ACIT Vs AL-Arsh Exports Pvt Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs AL-Arsh Exports Pvt Ltd. (ITAT Delhi)
ITAT Delhi Upholds Deletion of ₹15 Crore Share Capital Addition: Section 68 Onus Discharged
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeal and upheld the deletion of ₹15 crore added under section 68 on account of alleged unexplained share application money received by the assessee company in AY 2014-15.
The Tribunal noted that the assessee had fully discharged the onus under section 68 by furnishing confirmations, income-tax returns, bank statements, and source-of-source details of all 23 investor c...
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