Addition of Unexplained Share Application Money and Expenditure: ITAT Upholds Deletion by CIT(A) [Read Order]
The CIT(A), after considering a remand report and additional documents submitted under Rule 46A, found that key investors had confirmed the transactions with supporting evidence.
The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]’s decision to delete the additions made by the Assessing Officer(AO)regarding ₹10.5 crores as unexplained share application money and ₹26,25,000 as unexplained expenditure under Section 69C of Income Tax Act,1961,noting the AO’s lack of proper verification. The Revenue-appellant, appealed against the CIT(A)’s…
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