In the presence of full disclosure of source of share application money AO cannot raise question on that

Last updated: 26 March 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
The brief facts of the case are that assessee has filed its return of income on 30.3.2003 declaring an income of Rs.43,400. This return was processed under sec. 143(1) of the Income-tax Act, 1961 on 25.5.2003 at the returned income. According to the Assessing Officer, he has received information from the Director of Income-tax (Inv.) exhibiting that assessee has received accommodation entry/bogus share application money/bogus capital gain from the persons who were indulged in providing accommodation entries. He reopened the assessment and issued a notice under sec. 148 on 30th March 2009. The assessee contended before the Assessing Officer that it has received share application money of Rs.64 lacs from various parties.

Citation :
Assistant CIT, Circle 14(1), New Delhi.(Appellant) Vs. Puneet Mercantiles & Credits (P) Ltd., B-156, Pachim Vr.,Delhi.(PAN: AAACP0538K) (Respondent)

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Community
  • Daily E-Newsletter
  • Unlimited Judgements Access
  • Profile Visitors
  • Link Social Profiles
  • Featured Job Posts
  • Pro Badge
  • Expert GST Guidance
  • Unlimited Forum Replies
  • Download Content in PDF
BEST VALUE
2 YEAR PLAN
3,499
(Excl. of GST ₹629)
1 YEAR PLAN
1,999
(Excl. of GST ₹359)

3 MONTHS PLAN
999
(Excl of GST ₹179)
View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

 

CS Bijoy
Published in Income Tax
Views : 1658
Share Report Abuse
Comments


Recent Judgments :

  1. Partners of a Partnership Firm are personally liable for GST dues of the Firm and bank account of an erstwhile partner can be attached for recovery
  2. Prima facie satisfaction and not conclusive proof of fraud is sufficient to invoke Section 74 of the CGST Act
  3. Show Cause Notice issued to a non-existent amalgamated company is void ab initio and cannot be saved by Section 87 of the CGST Act
  4. SC Landmark Ruling: Mechanical Invocation of Fraud Cannot Extend Limitation under Section 74 of the CGST Act
  5. CESTAT Sets Aside ₹60 Crore Service Tax Demand: Best-Judgment Assessment Cannot Be Based on Guesswork
  6. CESTAT: Excess Service Tax Paid by Mistake Is a Deposit — Refund Not Barred by Section 11B Limitation
  7. CESTAT Denies Service Tax Exemption on Rent to Educational Institution for Lack of Evidence
  8. CESTAT Upholds Customs Duty Demand on Undervaluation of Imported Goods Based on Chinese Customs Documents
  9. IGST Paid Under a Wrong Head to be Adjusted Against CGST/SGST Liability Before Any Recovery of Tax Interest or Penalty
  10. Assessee entitled to fresh opportunity of hearing where adjudicating authority ignored reply filed to DRC-01A intimation

View More Judgments »


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Rahul KulkarniRahul KulkarniPro Member sathish kumar ksathish kumar kPro Member Mangalagowri K.R.Mangalagowri K.R.Pro Member Nilesh ManekNilesh ManekPro Member Sanjeev Kumar ManchandaSanjeev Kumar Manchanda
Subscribe to Pro
Join an elite circle of professionals

Browse by Category