Addition u/s 68 of share application money - once the assessee ...

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

July 13, 2022

Case Laws     Income Tax     AT

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

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