Assessment u/s 153C - Unexplained investment being share capital ...

Unexplained investment share capital/premium sans incriminating material. Conditions u/s 153C not met. Search didn't yield documents. Notice invalid.

Case Laws Income Tax

July 13, 2024

Assessment u/s 153C - Unexplained investment being share capital and share premium - no incriminating material seized during search. CIT(A) held that three conditions u/s 153C not satisfied cumulatively and simultaneously. No incriminating document found as a result of search, no satisfaction recorded for relevant assessment years. Non-satisfaction of pre-conditions in Section 153C renders notice legally unsustainable. Ratio of Sinhagad Technical Education Society and Index Security Pvt. Ltd. applied. Validity of notice u/s 153C barred by limitation - Search on 11.11.2014, satisfaction recorded on 02.12.2016. Block of 6 years for searched person from AY preceding search year. For person other than searched person, block of 6 years preceding year of recording satisfaction. AY 2009-10 and 2010-11 out of block, assessment order quashed being invalid. Ratio of Jasjit Singh followed. Decided in favor of assessee.

View Source

← Previous Next →

Assessment u/s 153C - Unexplained investment being share capital ...

Unexplained investment share capital/premium sans incriminating material. Conditions u/s 153C not met. Search didn't yield documents. Notice invalid.

Case Laws Income Tax

July 13, 2024

You may also like:

Addition u/s 68 - unexplained share premium and share capital - the assessee has substantially provided materials to prove the genuineness of the share holders apart...

Addition u/s 68 - unexplained cash credits of share capital and security premium received - the assessee has routed its unaccounted income in the books of account in the...

Addition u/s 68 - unexplained cash credits of share capital and security premium - assessee has no plausible explanation to explain the source of alleged sum of share...

Addition u/s 68 - share capital issued at the premium - unexplained cash credit - Assessee has fully discharged its onus cast under section 68 of the Act and proved the...

Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

Unexplained cash credit u/s 68 - bogus share capital/share premium - The tribunal noted that the appellant's company had witnessed significant growth over the years,...

Addition u/s 68 - share application money/share capital and share premium as unexplained - The onus was on revenue to dislodge assessee’s documentary evidences and rebut...

Unexplained investments - There is no positive and credible evidence brought on record by the revenue to establish the allegation of cash payment over and above the...

Addition u/s 68 - addition in share capital and share premium, identity and creditworthiness of the share holders, valuation report - Since no cash was involved in...

Unexplained share capital and share premium - Not only the assessee has proved the identity and creditworthiness of the investors and genuineness of the transactions by...

Unexplained share capital/share premium - proof of genuine investors - the assessee has been able to prove identity of the share applicants, their creditworthiness and...

Non-proving identity, creditworthiness, and genuineness of share premium received cannot be treated as unexplained income if sufficient documentary evidence is provided....

Addition u/s 68 - share capital and share premium received - The assessee had sufficient opportunity to place the facts and also to explain the nature and source of...

Addition u/s 68 - Unexplained cash credit - share capital and share premium - The assessee consistently escaping from appearing before the ld. AO and the appellate...

Addition u/s 68 - unexplained cash credit in the form of share capital with premium - when all these corporate entities are still existing and doing business and have...

Quick Updates: