Addition u/s 68 - shares of the assessee companies issued at ...

Case Laws     Income Tax

May 15, 2024

Addition u/s 68 - shares of the assessee companies issued at huge premiums - The Calcutta High Court upheld the Tribunal's decision, rejecting the appeal filed by the assessee. The key issues revolved around the principles of natural justice, the examination of new issues, and the genuineness of share transactions. The Court affirmed that the Tribunal acted within its jurisdiction and adhered to the principles of natural justice. The assessee failed to establish the identity, creditworthiness, and genuineness of the share subscribers. The Tribunal's findings were based on factual and legal grounds, including the significant share premium without a corresponding business justification.

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