Section 68 Income Tax Case: Unexplained Income Additions Deleted to Avoid Double Taxation in Share Application Money.

Section 68 Income Tax Case: Unexplained Income Additions Deleted to Avoid Double Taxation in Share Application Money. https://www.taxtmi.com/highlights?id=56507 Unexplained Income - addition u/s 68 - Receipt of share application money from group companies - group companies invest in each other - Double additions - In this case huge additions were made in the hands of the share allottee companies in their scrutiny assessment u/s 143(3) of the Act. Again making the addition in the case of the assessee company would tantamount to double addition. - Additions deleted - AT en-us Sat, 30 Jan 2021 07:26:54 +0530 Sat, 30 Jan 2021 07:26:54 +0530 TaxTMI RSS Generator Section 68 Income Tax Case: Unexplained Income Additions Deleted to Avoid Double Taxation in Share Application Money. https://www.taxtmi.com/highlights?id=56507 Unexplained Income - addition u/s 68 - Receipt of share application money from group companies - group companies invest in each other - Double additions - In this case huge additions were made in the hands of the share allottee companies in their scrutiny assessment u/s 143(3) of the Act. Again making the addition in the case of the assessee company would tantamount to double addition. - Additions deleted - AT Highlights Income Tax Sat, 30 Jan 2021 07:26:54 +0530 https://www.taxtmi.com/highlights?id=56507