Details of the list of allotees can be asked by the AO under sec 1429(1) of the Act and LD CIT before passing any order against AOs findings opportunity should be given
Last updated: 06 February 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
On the facts and in the circumstances of the case and in law, the Ld CIT(A) has erred in deleting the addition of `.50,00,000/- made by the Assessing Officer u/s 68 of the Income Tax Act, 1961 being the unexplained share capital and share premium.
The Ld CIT(A) ignored the findings recorded by the Assessing Officer and the facts that assessee tailed to prove the existence & credit worthiness of the creditors and genuineness of the transaction.
Citation :
ITO, Ward-4 (1), New Delhi. (Appellant)v.JMD Global (P) Ltd.,A-33/29, Guru Nanak Pura, Shakarpur, New Delhi. (Respondent)
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Ayush
Published in Income Tax
Views : 1365
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