Assessee is obligated to prove the source of share application money only from AY 2013-14 onwards

Last updated: 09 October 2021
Quick Summary
The Income Tax Appellate Tribunal has ruled that an assessee is only obligated to prove the source of share application money from Assessment Year 2013-14 onwards. This decision was made after reviewing the evidence provided by the assessee, which included details of share applicants, their addresses, investment amounts, and various supporting documents. The Tribunal distinguished the current case from previous rulings where investors had admitted to being accommodation entry providers or failed to supply necessary documentation.

Court :
ITAT Mumbai

Brief :
Aforesaid appeals by assessee for Assessment Years (AY) 2009-10 to 2012-13.

Citation :
I.T.A. No.7308/Mum/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

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Poojitha Raam Vinay online
Published in Income Tax
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