u/s 69C on account of alleged unexplained expenditure,
Rs.1,18,44,650/- u/s 68 and Rs.4,23,39,659/- u/s ... account to
other account of the assessee, no addition is justified u/s 68 and therefore,
we do not interfere in the order
from directors/shareholders cannot
be treated as income from other sources u/s 68 of the Income Tax Act,
1968 of the appellant. Also ... Learned counsel for the appellant submitted
that no addition under section 68 could be made in
respect of the subscription amount towards the share
capital
facts in deleting the
addition made by Assessing Officer of Rs.5,78,900/- u/s 68 of the
Income Tax Act 1961. He failed ... facts in deleting the
addition made by Assessing Officer of Rs.87,000/- u/s 68 of the
Income Tax Act, 1961 . He failed
paper book. He submitted that for such addition made by
the Assessing Officer u/s 68, penalty is not justified. In support of this
contention ... penalty is imposed is the
addition on account of two unsecured loans and the addition was made u/s 68
of the Act. We also
subject matter of addition u/s 68 (sic 69) of the Act
as section 68 (sic 69) would assume application viz-a-viz a fresh ... subject matter of addition
under section 68 . In any case in an assessment u/s. 153A of the Act
addition can be made only
under Section 154 of the Income-tax Act,1961. Order
under Section 154 of the Act reads as under :
" Order u/s ... assessment u/s 143(3) dated 30/12/09, deduction
u/s 80P was allowed to the extent of Rs.2,68
next grounds i.e. grounds No.3 and 4 relate to the addition of
`37,000 on account of unexplained cash credit received from Shri ... these ingredients, the Revenue authorities are justified in making the
addition under section 68 of Income-tax Act, 1961 (hereinafter called in
short
rejecting the books of account. In addition to that, the Assessing Officer
7
also made addition u/s 68 and that too in respect ... rejected or the asst
is made ex-parte, no addition can be made u/s 68 . Respectfully following
this judgment of Hon'ble Jurisdictional
hands of the appellant as unexplained cash credit
u/s 68 of the Act. Addition of Rs.90,000/-is upheld.
5.3 Regarding the submission ... partner."
To conclude addition of Rs.2,75,000/- made by the AO as
unexplained cash credit u/s 68
section
115BBC of the Act has been paid. Therefore, the entire amount cannot be
treated as capitation fee for denying benefit of exemption under section ... profit making. Therefore exemption under section
11 of the Act is denied and he accordingly made addition of `63,68,176.
11. In appeal
