Addition u/s 68 - undisclosed share application monies received ...

AO's Reliance on Investigation Wing Invalidates Section 68 Addition for Undisclosed Share Monies; No Independent Verification Conducted.

April 16, 2021

Case Laws Income Tax AT

Addition u/s 68 - undisclosed share application monies received from 5 companies - AO could have carried out independent verification of all the parties by issuing summons under section 131 of the Act. The assessing officer has not made any further investigation to controvert the claims of the assessee but proceeded to make the addition heavily relying on the information of investigation wing - No addition could be made - AT

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Addition u/s 68 - undisclosed share application monies received ...

AO's Reliance on Investigation Wing Invalidates Section 68 Addition for Undisclosed Share Monies; No Independent Verification Conducted.

April 16, 2021

Case Laws Income Tax AT

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