Dismissing the appeal of the revenue the Court held that identity of share holders were established, however the AO has made addition merely on surmises and without making any enquiry. Accordingly, addition made by Assessing Officer was deleted.
PCIT v. Himachal Fibers Ltd. (2018) 98 taxmann.com 172 / 259 Taxman 4 (Delhi) (HC) Editorial: SLP of revenue is dismissed. PCIT v. Himachal Fibers Ltd. (2018) 259 Taxman 3 (SC)
S. 68 : Cash credits–Share application money–AO has not conducted any enquiry–Addition on surmises is held to be not justified.