No Addition u/s 68 of Income Tax Act when Share Application Money received from companies engaged in business of Share Trading proven with documents: ITAT

No Addition - Income Tax Act - Share Application Money - companies engaged - business - Share Trading - documents-ITAT-TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that an addition under Section 68 of the Income Tax Act, 1961, should not be made when share application money received from companies engaged in the business of share trading is proven with documents. The assessee, Inter Publicity Pvt. Ltd., is engaged in the business of…

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