Disclosure of Address and Identity of Shareholders not Sufficient u/s 68 of Income Tax: ITAT Dismisses Appeal [Read Order]

ITAT dismissed an appeal, emphasizing that the mere disclosure of addresses and identities of shareholders was not sufficient under section 68 of the Income Tax Act, 1961
ITAT Delhi - Income Tax - Tax news - identity of shareholders - taxscan

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed an appeal, emphasizing that the mere disclosure of addresses and identities of shareholders was not sufficient under section 68 of the Income Tax Act, 1961 The assessee initially reported an income of Rs.7,090 in its tax return. After processing under section 143(3)…

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