MOTI ADHESIVES PVT. LTD VS. ITO (ITAT DELHI)
ITA NO. 3133/DEL/2018
25-06-2018
S. 68 Bogus share capital: If the AO has remained silent with folded hands and
has not made any independent inquiry from the concerned AO of share holder
company and has not controverted the evidence produced by the assessee, that
itself is sufficient to knock off the addition made. The fact that there is no
personal appearance from director of said cash creditor (share holder) does not
mean that an adverse inference u/s 68 can be drawn by the AO without the AO
discharging the secondary burden lying upon him (All imp judgements referred).
