| COURT: | ITAT Mumbai, Mumbai ITAT |
| CORAM: | Amarjit Singh (JM), R. C. Sharma (AM) |
| SECTION(S): | 68 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | bogus share capital, cash credit, unexplained cash credit |
| COUNSEL: | Prakash Chand Yadav |
| DATE: | March 30, 2016 (Date of pronouncement) |
| DATE: | April 10, 2016 (Date of publication) |
| AY: | 2007-08 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 68: Share application money received from an associate concern cannot be assessed as cash credits if assessee has discharged its initial onus to prove the identity, creditworthiness and genuineness of the transaction | |
CIT(A) dealt with issue all the objections raised by the AO and after considering the documents placed on record, recorded a categorical finding to the effect that amount payable and receivable by the assessee was squared off which was in accordance with the provisions of Companies Act. Further finding was recorded to the effect that these companies were assessed with I.T. Department for several years. The identity and genuineness of the transaction was duly accepted. The detailed finding recorded by CIT(A) are as per material on record
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