| The Tax Publishers2020 TaxPub(DT) 0786 (Mum-Trib) INCOME TAX ACT, 1961
Section 68
Assessee having furnished name and address, including PAN of subscribers, their bank statement, ITR with annexure, profit and loss account, balance sheet, etc., justification note on issue of shares at premium, copy of audited financial, details of shareholding pattern and other relevant details discharged onus to prove identity and creditworthiness of subscribers and genuineness of transaction and, therefore, AO was not justified in making addition under section 68.
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Income from undisclosed sources - Addition under section 68 - Receipt of share capital/premium - None of subscribers responded to notice issued under section 133(6)--Assessee proved identity, creditworthiness and genuineness
Assessee-company raised preference share capital at premium. AO treated the same as unexplained credit under section 68 on the ground of none of subscribers having responded to notice issued under section 133(6).Held: Assessee having furnished name and address, including PAN of subscribers, their bank statement, ITR with annexure, profit and loss account, balance sheet, etc., justification note on issue of shares at premium, copy of audited financial, details of shareholding pattern and other relevant details discharged onus to prove identity and creditworthiness of subscribers and genuineness of transaction and, therefore, AO was not justified in making addition under section 68.
REFERRED : Pr. CIT v. NRA Iron & Steel (P) Ltd. (SC).
FAVOUR : In assessee's favour.
A.Y. : 2010-11
INCOME TAX ACT, 1961
Section 153A
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