{"id":47914,"date":"2024-11-16T19:30:09","date_gmt":"2024-11-16T14:00:09","guid":{"rendered":"https:\/\/itatonline.org\/digest\/acit-v-gold-rush-sales-and-service-ltd-2024-204-itd-421-koltrib\/"},"modified":"2024-11-16T19:30:09","modified_gmt":"2024-11-16T14:00:09","slug":"acit-v-gold-rush-sales-and-service-ltd-2024-204-itd-421-koltrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/acit-v-gold-rush-sales-and-service-ltd-2024-204-itd-421-koltrib\/","title":{"rendered":"ACIT v. Gold Rush Sales and Service Ltd. (2024) 204 ITD 421 (Kol)(Trib.)"},"content":{"rendered":"<p>Assessee-company had issued certain shares at premium. It was asked to explain source of alleged sum. Complete details were filed by assessee.\u00a0 Thereafter, Assessing Officer also issued summons under section 131 to which he noted that directors of assessee-company did not appear personally in compliance to summon issued. Accordingly, he made an addition as unexplained cash credit. CIT(A) deleted the addition.\u00a0 On appeal the Tribunal held that\u00a0 since assessee had filed all evidences proving identity and creditworthiness of share subscribers, mere non-compliance to summons issued under section 131 could not be a ground for making addition under section 68. Order of CIT(A) is affirmed. (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits-Share capital-Issue of shares at premium-Identity and creditworthiness of share subscribers are proved-Non-compliance to   summons  to director-Addition is not justified. [S. 131] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-47914","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-csO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=47914"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47914\/revisions"}],"predecessor-version":[{"id":47915,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47914\/revisions\/47915"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}