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2016 (6) TMI 32 - ITAT JAIPURAddition u/s 68 - addition treating the share capital subscribed as undisclosed income of the company - Held that:- It emerges from the record that Investigation Wing report is based entirely on the fact that one Shri Deepak Gupta was engaged in accommodation entry provider and M/s. Enpol (P) Ltd. was one of the benami concern. The ld. CIT(A) held that Shri Deepak Gupta is non-existent. His finding are self-contradictory and contrary to Investigation Wing. Besides non-providing of cross examination of the key person Deepak Gupta amounts to violation of principles of natural justice. From the materials available on record, it emerges that assessee discharged its primary onus in terms of Section 68 of the Act. Relying on judgment of ITAT Mumbai Bench in the case of ITO vs. M/s. Superline Construction (P) Ltd. and another (2015 (12) TMI 1453 - ITAT MUMBAI ) and various other judgments cited by the assessee, the addition in question is deleted. - Decided in favour of assessee.
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