Assessing Officer's failure to provide evidence of undisclosed income; Assessee met initial burden of proof.

Assessing Officer's failure to provide evidence of undisclosed income; Assessee met initial burden of proof. https://www.taxtmi.com/highlights?id=56803 Addition u/s 68 - A.O. failed to conduct scrutiny of the documents at assessment stage and merely suspected the transaction between the Investors and the assessee. A.O. has also not brought any evidence on record that even if the share applicants did not have the means to make the investments, the investments made by them actually emanated from the coffers of the assessee so as to enable it to be treated as undisclosed income of the assessee. Assessee discharged its initial onus - AT en-us Fri, 19 Feb 2021 16:52:39 +0530 Fri, 19 Feb 2021 16:52:39 +0530 TaxTMI RSS Generator Assessing Officer's failure to provide evidence of undisclosed income; Assessee met initial burden of proof. https://www.taxtmi.com/highlights?id=56803 Addition u/s 68 - A.O. failed to conduct scrutiny of the documents at assessment stage and merely suspected the transaction between the Investors and the assessee. A.O. has also not brought any evidence on record that even if the share applicants did not have the means to make the investments, the investments made by them actually emanated from the coffers of the assessee so as to enable it to be treated as undisclosed income of the assessee. Assessee discharged its initial onus - AT Highlights Income Tax Fri, 19 Feb 2021 16:52:39 +0530 https://www.taxtmi.com/highlights?id=56803