On submission of proof establishing identity and creditworthiness of shareholder share application money cannot be in disputes for assessment

Last updated: 14 December 2011

Court :
Income Tax Appellate Tribunal

Brief :
. That having regard to the facts and circumstances of the case, ld. CIT(A) has erred in law and on facts in confirming the action of the ld.AO in making addition of ` 15,00,000/- being share application money received during the year holding the same as unexplained cash credit u/s 68 of the Act. That having regard to the facts and circumstances of the case, ld. CIT(A) has erred in law and on facts in confirming the action of the ld. AO in making addition of ` 15,000/- (i.e. 1% of 15,00,000/-) on account of alleged commission paid

Citation :
M/s. Smart Projects (P)Ltd....(Appellant) VS Income Tax Officer..... (Respondent)

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CS Bijoy

Published in Income Tax
Views : 2247

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On submission of proof establishing identity and creditworthiness of shareholder share application money cannot be in disputes for assessment

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