Assistant Commissioner Of Income Tax vs Kisco Casting (P) Ltd.

Authority: ITAT Tribunal/Court: Chandigarh Date: 2012-06-22 AY: 2000-01 Section: 147, 68 Acts: Income Tax Act 1961, Constitution of India Result: Revenue Citation: (2012) 33 CCH 561 ChdTrib (2013) 82 DTR (Chd)(Trib) 63 : (2013) 152 TTJ (Chd) 629 Justices: SUSHMA CHOWLA, JM "," MEHAR SINGH, AM. Appeal No: ITA No. 685/CHD/2011 (CO No. 63/CHD/2011)
Whether reassessment proceedings under Section 147/148 were validly initiated based on information from the Investigation Wing regarding accommodation entries --- Held Yes. Whether addition under Section 68 for share application money was justified when the assessee provided evidence of identity, genuineness, and creditworthiness of subscribers --- Held No.

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