Dismissing the appeal of the revenue, the Court held that, substantial part of share application money was received in earlier assessment year accordingly the amount could not be added in impugned assessment year Balance amount sufficient evidence was produced such as identity and genuineness. Order of Tribunal is affirmed. (Arising from ITA No. 4836/Mum/ 2011 dt 30 -06 2016)(ITA No. 957 of 2017 dt. 4 -11-2019)(AY. 2007 -08)
PCIT v. Realvalue Realtors (P) Ltd (2020) 113 taxmann.com 62/ 269 Taxman 64 (Bom.)(HC)
S. 68 : Cash credits–Share capital-Substantial part of share application money was received in earlier assessment years– Balance amount sufficient evidence was produced such as identity and genuineness-Deletion of addition is held to be valid.