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Income Tax - Highlights / Catch Notes

Home Highlights March 2024 Year 2024 This

Addition u/s 68 - bogus share application/allotment money - The ...


Court Upholds Removal of Bogus Share Allotment Additions, Validates Share Capital Authenticity for 2009-10 Tax Year.

March 22, 2024

Case Laws     Income Tax     HC

Addition u/s 68 - bogus share application/allotment money - The Court noted the factual examination done by the Commissioner of Income Tax (Appeals) regarding the share capital of the companies involved. It found that the share capital raised by one of the companies in the assessment year 2009-10 had already been added back in the hands of the party, indicating its genuineness. The Court upheld the action of the Commissioner of Income Tax (Appeals) and ITAT in deleting the additions.

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