Assessee company successfully proved genuineness of share ...

Share capital genuineness upheld; share applicants' credentials verified; no Sec. 68 tax on share premium.

January 8, 2025

Case Laws Income Tax AT

Assessee company successfully proved genuineness of share capital and share premium received from various private limited companies. Creditworthiness and identity of share applicants established. Book value per share higher than share premium charged. Source of share application money already taxed in hands of share applicants, hence no justification for invoking Sec. 68. ITAT ruled in favor of assessee relying on Mahaveer Kumar Jain [2018 (4) TMI 1078 - SC] to avoid double taxation.

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Assessee company successfully proved genuineness of share ...

Share capital genuineness upheld; share applicants' credentials verified; no Sec. 68 tax on share premium.

January 8, 2025

Case Laws Income Tax AT

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