If proper source of capita and share premium is not shown than addition can be made under sec 68 of IT Act


Last updated: 23 June 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts and in the circumstances of the case and in law, the CIT(A) has erred in deleting the addition of Rs.9,96,50,000/- made by the Assessing Officer u/s 68 of the I.T. Act, 1961 being the unexplained share capital and share premium of Rs.1,01,00,000/- and Rs.8,95,50,000, respectively.

Citation :
ITO, Ward 4(2), New Delhi. (Appellant) Vs. Jwalaji Propbuild Pvt. Ltd., 373-2nd Floor, Sant Nagar, East of Kailash, New Delhi. (PAN/GIR No.AABCJ6879Q) (Respondent)

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CS Bijoy
Published in Income Tax
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