9911796707
TMI Blog2015 (11) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... igation before coming to a conclusion on the issue of creditworthiness. In Nova Promoters (2012 (2) TMI 194 - DELHI HIGH COURT), the Court has taken note of a situation where the complete particulars of the share applicants are furnished to the AO and the AO fails to conduct an inquiry. The Court has observed that in that event no addition can be made in the hands of the Assessee under Section 68 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tified in upholding the deletion of addition made by the Assessing Officer of ₹ 4,94,50,000/- to the income of the Assessee under Section 68 of the Income Tax Act, 1961 (Act)? The said issue in turn required examination of whether the Assessee had discharged the onus of proving the identity and creditworthiness of the share applicants and the genuineness of the transactions. 3. Ms. Suruch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... numbers, confirmations, their bank statements, their balance sheets and profit and loss accounts and the certificates of incorporation etc. It was observed by the ITAT that the AO had not undertaken any investigation of the veracity of the above documents submitted to him. It has been righty commented by the ITAT that without doubting the documents, the AO completed the assessment only on the pres ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
