Assessee proves return of share application money, meets burden u/s 68, avoiding unexplained cash credit addition.

Addition u/s 68 of share application money - once the assessee is able to prove that the money received by it was returned in the account of the same party, then there remains no doubt to draw an inference that the advances received by the assessee were unexplained cash credit. Therefore in our considered view, the assessee has discharged its onus imposed under section 68 of the Act. - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X