Is non submission of Transaction and Bank Account Details enough reason to doubt the creditworthiness of a transaction?
Last updated: 09 June 2021
Court :
ITAT Mumbai
Brief :
"On the facts and circumstances of case and in law, the Ld.CIT(A) erred in deleting the addition of Rs.20,90,19,879/- being the amount received on account of Share Premium, without appreciating the fact that assessee, as recorded in the assessment order was unable to prove before the A. O. that the transaction in its books were true, genuine and justified."
Citation :
I.T.A. No. 4314/Mum/2017
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Published in Income Tax
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