Income Tax Act - Section 68 – addition on account of share application money – the claim of the assessee is that the CIT (A) erred is sustaining adding u/s 68 out of share application money without considering evidences, which is unjustified and liable to be quashed - HELD - In this case assessee has failed to file sufficient details to prove satisfactorily the source of cash received the AO is entitled to draw the inference that the receipts are of an income nature and it is not necessary for him to locate their exact source - the onus is on the assessee to explain the nature and source of cash credits, whether they stand in the assessee’s account or in the account of a third party - The question of burden of proof cannot be made to depend exclusively upon the fact of a credit entry in the name of the assessee or in the name of a third party - In either case, the burden lies upon the assessee to explain the credit entry, through the onus might shift to the AO under certain circumstances - Where the assessee shows that entries regarding cash credit in a third party’s account are genuine and the sums were in fact received from the third party as loans or deposits, he has discharged the onus - it is for the third party to explain the source of the moneys, and they cannot be charged as the assessee’s income in the absence of any material to indicate that they belong to the assessee - Here in this case assessee has established the identity, capacity and genuineness of the transaction so far as it relates to all the share applicant - the contention of the AO is accepted and hence the addition so made by the AO is not sustainable and therefore, vacating the addition so made based on the evidences placed, the addition is unwarranted and requires to be deleted – the ground raised is allowed

Amendment to Notification No. 54/2021/F. No. 370142/46/2020-TPL , dated the 5th May, 2021

Amendment to Notification No. 53/2021/F. No. 370142/45/2020-TPL , dated the 5th May, 2021

Amendment to Notification No. 52/2021/F. No. 370142/42/2020-TPL , dated the 5th May, 2021

Obtaining suggestions for Project Integrated e-filing and CPC (IEC) 3.0

High-Risk CRIU/VRU PAN Cases - Dissemination of Cases on the ‘Verification’ module of Insight portal

Standardizing the process of filing application under section 10(46A) of the Income-tax Act, 1961

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