No income tax additions can be made merely relying on a Retracted statement
Last updated: 25 May 2023
Court :
ITAT New Delhi
Brief :
The ITAT, New Delhi in ACIT v. Surya Global Steel Tubes Ltd[ITA No. 4778/Del/2016 dated May 09, 2023] has held that no income tax additions can be made when source of investment made against the share capital/ premium/ warrants, stands explained, as assessee and investor companies, have substantiated the same by furnishing evidences and proved the Identity, genuineness of transactions and creditworthiness of investor companies.
Citation :
ITA No. 4778/Del/2016 dated May 09, 2023
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Bimal Jain
Published in Income Tax
Views : 365
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