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Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
Bogus penny stock capital gains: Claim of the assessee cannot be denied on the basis of presumption and surmises in respect of penny stock by disregarding the direct evidences on record relating to the sale/purchase transactions in shares supported by broker’s contract notes, confirmation of receipt of sale proceeds through regular banking channels and the demat account.
Main thrust of the appellant’s case is that the provisions of Section 68 of the Act as amended could not be given retrospective operation and if that position of law was accepted, then it was not open to the C.I.T. to direct an enquiry to ascertain the source and genuineness of the sums being projected by the appellants as capital receipts.
In a recent ruling, the ITAT Jabalpur, decided the case in favour of the assesse, deleting the additions made by the Assessing Officer towards sundry creditors amounting to Rs. 5.07 lacs. The court held that under Section 68 of the Income-Tax Act, 1961
In the present case, the assessee has failed to carry out his obligations and hence, the burden cannot be shifted to the revenue to find out from the creditors about their identity and credit worthiness after receiving the names and addresses of the creditors.
Whole issue in the present appeal by Revenue, is about the source, nature and genuineness of the transaction to determine whether the addition made by the AO under section 68 of the Act is sustainable.
This appeal of Revenue for Asst. Year 2009-10 is directed against the order of ld. CIT(A)-XV, Ahmedabad, dated 2nd July, 2012 vide appeal No.CIT(A)-XV/406/ITO-9(1 )/1 1-12 arising out of the order u/s 143(3) of the IT Act, 1961 (in short the Act), framed on 23/12/2011 by ITO, 9(1), Ahmedabad. Following grounds have been raised by the Revenue
In the present case, in the face of clear findings that loan applications were processed by Officers of Assessee and loan transactions in question of aforesaid 37 persons were also handled really by Assessee and further in view of categorical finding that loan amounts were not reflected in returns of 37 persons in question, we do not see how High Court could have taken above view and remanded atter to Assessing Officer.
Onus is on the assessee company to bring on record the cogent evidences to prove the identity and creditworthiness of the share subscribers and genuineness of the transaction which in the instant case the assessee is not able to prove the same as per the facts emerging from the records and material before us as […]
Revenue states that the impugned order itself holds that share premium of Rs.490/ per share defies all commercial prudence. Therefore it has to be considered to be cash credit.
Appellant has adduced documentary evidences in support of transaction in question. Identity of purchasers of shares was established as it was borne on record of Income Tax Department.
