Case Law Details
DCIT Vs Tirupati Udyog Ltd. (ITAT Delhi)
It is the case of the assessee that Section 68 applies only to the credit/ receipts entered in the books during the Financial Year in question and its operation is not extended to other assessment years. This position is fortified by plethora of judicial precedents including CIT vs. P.K. Mohankala (2007) 291 ITR 278 (SC). It is an admitted factual position that the share capital/share premium in dispute has been received in the earlier years and no amount whatsoever has been credited in the books of account during the Financial Year 2008-09 in question. In this factual and legal matrix, the CIT(A), in our view, has rightly concluded on inapplicability of Section 68 of the Act to the facts of the case. W
FULL TEXT OF THE ORDER OF ITAT DELHI
The captioned appeal has been filed at the instance of the assessee against the order of the Commissioner of Income Tax (Appeals)-IV, Kanpur (‘CIT(A)’ in short) dated 30.08.2018 passed under Section 153A r.w. Section 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2009-10.
2. The grounds of appeal raised by the Revenue reads as under:
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