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Income Tax - Highlights / Catch Notes

Home Highlights September 2012 Year 2012 This

Addition u/s 68 - Share application money – AO directed to ...


AO to Reopen Shareholder Cases u/s 68 to Verify Legitimacy of Share Application Money for Tax Compliance.

September 28, 2012

Case Laws     Income Tax     AT

Addition u/s 68 - Share application money – AO directed to reopen the individual cases of all shareholders as listed by AO - AT

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  1. Addition u/s 68 - unexplained cash credit - share application money receipts - Even though there were circumstances leading to suspicion, yet having taken an action...

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  3. Addition u/s 68 - addition on account of share application money - The identity of the above share applicants was also independently verified by the inspectors during...

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  7. Addition on account of share application and share premium money u/s 68 - assessee has received share application and share premium money from eleven investor companies...

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  9. Addition u/s 68 - non independent application of mind - accommodation entries - share application money - Mere non production of Director of said share holder company...

  10. In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

  11. Addition u/s 68 - share application money/share capital and share premium as unexplained - The onus was on revenue to dislodge assessee’s documentary evidences and rebut...

  12. Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

  13. The Appellate Tribunal dismissed the Section 7 application filed by the Appellant, ruling that the share application money deposited by the Appellant with the Corporate...

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  15. Unexplained share capital and premium received by assessee company was its own unaccounted money flowing back in form of premium on share allotment. Assessee filed...

 

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