Tuesday, 23 July 2013

No addition under sec. 68 if share applicants were identified and they had given their bank statemen

IT : Where Assessing Officer made addition in income of assessee-company under section 68 on plea that it could not prove that share applicants had enough money on date of purchase of its shares, since share applicants were identified and they had submitted their bank statements, cash extracts and returns filing receipts, impugned addition was not justified


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