The assessee-company received share application money\/share premium from its Managing Director and one company. \u00a0The AO observed that on basis of statement recorded by Investigation Wing of department of one MS u\/S.131 it was found that share application money\/share premium received by assessee was nothing but accommodation entries. On basis of said statement, AO made additions u\/S.68. \u00a0It was noted that impugned addition was made only on basis of statement of MS recorded by Investigation Wing u\/S.131.<\/p>\n
On appeal Tribunal held that other than statement of MS, no other material evidence was referred either by AO or CIT(A). \u00a0U\/s.131, authorities are not empowered to administer oath to deponent, therefore, such a statement recorded u\/s.131 had no evidentiary value. \u00a0Hence, addition made merely on basis of statement recorded u\/s.131 without there being any other material available on record, was unjustified. (AY 2013-14, 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credit-Share premium-Addition made merely on basis of statement of a person recorded u\/s.131 by DIT (Invt.) and there was no any other evidence on record-Addition is held to be 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":[1],"tags":[],"class_list":["post-8617","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2eZ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8617","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=8617"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8617\/revisions"}],"predecessor-version":[{"id":8618,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8617\/revisions\/8618"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}