In the Assessment Details of share holder required to given otherwise AO can asked for information about share holder under sec 133(6) to prove genuineness
Last updated: 02 February 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The grounds raised in the appeal read as under:-
“i) On the facts in the circumstances of the case the Ld. Commissioner of Income Tax (Appeals) has erred in law by deleting the addition of ` 70,00,000/- made by the Assessing Officer on account of share application money without appreciating full fact of the case. Further in this case when identity of the share applicants has been amply disproved as the Departmental Officers at Agra and Lucknow had intimated that no such share applicants ever existed at the given addresses, the order of the Hon’ble Supreme courts as reported in C.I.T. vs. Lovely Exports P Ltd., Taxman Vo. 172 page 44 (208) (Supra) as quoted by the Ld. Commissioner of Income Tax (Appeals) for allowing this appeal is not applicable in this case.
ii) The order of the Ld. Commissioner of Income Tax (Appeals) be set aside and that of Assessing Officer be restored.”
Citation :
ACIT, Circle-I, Muzaffarnagar(Appellant)Vs. M/s Sikka Papers Mills Ltd.,Subhash Chowk, Shamli, Muzaffarnagar(PAN/GIR NO.: AAECS 3641L) (Respondent)
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CS Bijoy
Published in Income Tax
Views : 1667
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