Investment Legitimacy Upheld: Section 68 Additions Deleted Despite Company Losses and Borrowed Funds.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 68 - assessee has received share application money from 16 companies - Accommodation entries or not? - AO has observed that these subscribers are either showing loss or meager profits and such meager profits are not commensurate with the investments made by them. However, there is no bar under the law that a person could not make investments out of borrowed funds. - Additions deleted - AT....