Where the Revenue urges that the amount of share application ...

Income Tax Officer Must Reopen Assessments for Bogus Shareholders; Cannot Add to Assessee's Income as Unexplained Cash Credit.

March 27, 2017

Case Laws Income Tax HC

Where the Revenue urges that the amount of share application money has been received from bogus shareholders then it is for the Income Tax Officer to proceed by reopening the assessment of such shareholders and assessing them to tax in accordance with law. It does not entitle the Revenue to add the same to the assessee's income as unexplained cash credit - HC

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Where the Revenue urges that the amount of share application ...

Income Tax Officer Must Reopen Assessments for Bogus Shareholders; Cannot Add to Assessee's Income as Unexplained Cash Credit.

March 27, 2017

Case Laws Income Tax HC

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