S.68-Cash credits – Share application money – Failure to produce creditor
Money Mantan November 2, 2011
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S.68-Cash credits – Share application money – Failure to produce creditor

Description: Substantial evidence was produced by assessee to prove creditworthiness of creditor and genuineness of share application. Mere failure to produce the creditor not material, hence the money cannot be regarded as undisclosed income. CIT vs. Orbital Communication (p) Ltd. (2010) 327 ITR 560 (Delhi) Source: 1. www.aiftponline.org 2.AIFTP TIMES Volume.No.12 December, 2010,Page No.6 Our […]

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