Share application money – ITAT quashes Section 263 Revision proceedings

Armajaro Trading India (P) Limited Vs ITO (ITAT Cochin) In the instant case, one of the reasons for limited scrutiny was for the purpose of examining whether the share application money received by the assessee was genuine and was from disclosed sources. It is seen that the assessee had shown an amount of Rs.2,55,94,110 as liability on account of share application money in the Balance Sheet as on 31.03.2016. The assessee-company had furnished details of the share application money received, FIRCs, bank statements regarding the credit of share application money received, share application gener...