Invocation of provisions of Section 68 of the Income Tax Act on account of Share Application Money

Last updated: 24 December 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns the invocation of Section 68 of the Income Tax Act regarding share application money. The Assessing Officer made a significant addition to the assessee's income due to a failure to provide satisfactory explanations for sundry creditors and other outstanding amounts. Despite the assessee's claims of genuine transactions and established identity of investors, the Assessing Officer and the first appellate authority were not convinced by the evidence provided.

Court :
ITAT Ahmedabad

Brief :
The ld.CIT(A)-XI, Ahmedabad has decided appeal of the assessee for the Asstt.Year 2009-10 vide order dated 12.11.2012.

Citation :
ITA No.213/Ahd/2013

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