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of <h1>Tribunal upholds deletion of Rs 81,40,000 addition under Section 68 of Income Tax Act</h1> <h3>Commissioner of Income Tax Versus VV Industrial Processors Pvt. Ltd.</h3> The Income Tax Appellate Tribunal upheld the deletion of the addition of Rs 81,40,000 in respect of share application money under Section 68 of the Income ... - For assessment year 2002-2003 the Assessing Officer made an addition of Rs. 88,40,000 under Section 68 treating share application money as 'accommodation entries'. The Commissioner (Appeals) sustained only Rs. 7,00,000 as unexplained - since notices to Amba Alloys Private Limited were returned unserved and no confirmation was filed - but deleted the balance Rs. 81,40,000 because the assessee produced confirmation letters, notices issued to those subscribers were served and the parties replied confirming the payments. The Commissioner (Appeals) held that the 'onus' on the assessee 'stood discharged' and the 'identity of the subscribers' was established. The Income Tax Appellate Tribunal confirmed these factual findings. The court held that 'no substantial question of law arises' from the Tribunal's order and dismissed the revenue's appeal.
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