Held that the assessee had received share premium from various entities for assessment year 2009-10 but failed to establish either the identity and creditworthiness of the share applicants or the genuineness of the transactions. Therefore, there was no reason to interfere with the findings of the Commissioner (Appeals). Tribunal also held that the assessee was only a paper company and substantive addition had already been made in the hands,therefore, the protective addition made in the hands of the assessee is deleted. Estimation of commission is affirmed. (AY.2009-10, 2013-14)
Surya Vincom P. Ltd. v. ACIT (2024)114 ITR 49 (SN)(Delhi)(Trib)
S. 153C : Assessment-Income of any other person-Search-Cash credits-Share premium-Identity and credit worthiness not established-Order of CIT(A) is affirmed. [S. 68, 153A]
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