{"id":7506,"date":"2019-09-28T06:55:19","date_gmt":"2019-09-28T06:55:19","guid":{"rendered":"http:\/\/itatonline.org\/digest\/woodcraft-export-co-p-ltd-v-ito-2019-70-itr-436-delhitrib\/"},"modified":"2019-09-28T06:55:19","modified_gmt":"2019-09-28T06:55:19","slug":"woodcraft-export-co-p-ltd-v-ito-2019-70-itr-436-delhitrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/woodcraft-export-co-p-ltd-v-ito-2019-70-itr-436-delhitrib\/","title":{"rendered":"Woodcraft Export Co. P. Ltd. v. ITO (2019) 70 ITR 436  (Delhi)(Trib.)"},"content":{"rendered":"<p>The assessee was incorporated on December 14, 2011 in the financial year 2011-12. Since the assessee was at the stage of formation in preceding assessment year, i.e., 2012-13 and had received share application money in the assessment year in question, there could not be any unaccounted money invested by it. The assessee had produced sufficient documentary evidence before the Assessing Officer to prove that the large number of investors in the assessee were mostly related to the directors of the assessee and in sums less than Rs. 50,000, except in three cases. However, all the investors who had been examined on oath were not subjected to cross-examination on behalf of the assessee, and so no evidence could be brought on record to treat such income as undisclosed. Therefore, there was no justification for the authorities to sustain the addition.CIT v. Bharat Engineering and\u00a0 Construction co.\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b1972%5d%20083%20ITR%200187\">(1972)\u00a0 83 ITR 187<\/a>\u00a0(SC)\u00a0CIT v.\u00a0 Lal Mohar\u00a0\u00a0 (\u00a0 2018 ) 409 ITR\u00a0 95 ( All) (HC)\u00a0 followed. Creditor denying the outstanding\u00a0 amount in response\u00a0 to notice issue du\/s 133(6) of the Act. Addition is held to be justified. ( ITA Nos. 3802\/Del.\/2017 AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits-Share Application money-Assessee incorporated in preceding assessment year and receiving share application money in instant assessment year-No unaccounted money can be invested by assesse-investors examined on oath not subjected to cross-examination by assesse-Addition is held to be not justified-Creditor denying the outstanding balance\u2013Addition is held to be justified.<\/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":[1],"tags":[],"class_list":["post-7506","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1X4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7506","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=7506"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7506\/revisions"}],"predecessor-version":[{"id":7507,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7506\/revisions\/7507"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}