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ITAT partially allowed taxpayer's appeal against additions made under Section 68 and Section 56(2)(viib) of Income Tax Act. Tribunal held that taxpayer adequately discharged burden of proof by providing confirmations, bank statements, and ITRs of share applicants. AO's rejection of creditworthiness solely based on investors' low-income levels without further inquiry was deemed legally untenable. Alternative addition under Section 56(2)(viib) was deleted as AO arbitrarily ignored DCF method. However, ITAT upheld disallowance of expenses under Section 57(iii) as taxpayer failed to demonstrate direct nexus between expenditure and income earned. Only statutory audit fees, postal and telephone charges were allowed as deductions.
ITAT partially allowed taxpayer's appeal against additions made under Section 68 and Section 56(2)(viib) of Income Tax Act. Tribunal held that taxpayer adequately discharged burden of proof by providing confirmations, bank statements, and ITRs of share applicants. AO's rejection of creditworthiness solely based on investors' low-income levels without further inquiry was deemed legally untenable. Alternative addition under Section 56(2)(viib) was deleted as AO arbitrarily ignored DCF method. However, ITAT upheld disallowance of expenses under Section 57(iii) as taxpayer failed to demonstrate direct nexus between expenditure and income earned. Only statutory audit fees, postal and telephone charges were allowed as deductions.
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