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

Last updated: 24 December 2021

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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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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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Attached File : 1442821_4700_1638424715_213_18_arpy_was_vc_neesa_infrastructure_ltd.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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