HONEY CONSULTANCY SERVICES (P.) LTD. vs DEPUTY COMMISSIONER OFINCOME TAX

Authority: ITAT Date: 2013-05-15 AY: 2000-01 Section: 68, 45, 28 Acts: Income Tax Act 1961 Result: Assessee Citation: (2013) 144 ITD 541 (Mumbai) Justices: R. K. GUPTA, JM & P. M. JAGTAP, AM. Appeal No: ITA No. 8706", "Mum", "2010& 9103", "Mum", "2010
Whether addition of Rs.96,00,000 as unexplained cash credit under Section 68 was justified when assessee failed to establish identity, creditworthiness, and genuineness of share subscribers --- Held Yes. Whether profit on sale of shares of Rs.3,43,62,932 was assessable as capital gains or business income --- Held Capital Gains.

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