Tag: bogus share capital
Monetary limits for filing income tax appeal not to apply to bogus penny stocks transactions of Long Term Capital Gains (LTCG) /Short Term Capital Loss (STCL) F. No. 279/Misc./M-93/2018-ITJ(Pt.)Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes New Delhi, Dated: 16th September, 2019 OFFICE …
Assessee legally obliged to prove receipt of share capital/premium to the satisfaction of AO, failure of which justify addition – Supreme Court summarises emerging principles ABCAUS Case Law Citation:ABCAUS 2814 (2019) (03) SC Important Case Laws Cited/relied upon by the parties CIT v. Lovely Exports Pvt. Ltd (2008) …
Assessment order u/s 153C will supersede an earlier order passed u/s 143(3). ITAT allowed the additional ground raised and restored the issue to the file of Assessing Officer ABCAUS Case Law Citation: ABCAUS 2582 (2018) (10) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. Anil …
AO cannot remain quiet after issuing summons u/s 131 which went unanswered. Without resorting to further investigation no adverse inference could be drawn. ABCAUS Case Law Citation: ABCAUS 2453 (2018) 08 ITAT The instant appeal was filed by the assessee against the order passed by CIT(A) in upholding …
Addition u/s 68 for not producing shareholders details deleted as in public issue company not expected to know every detail of subscribers-High Court ABCAUS Case Law Citation: ABCAUS 2198 (2018) (02) HC Important Case Laws Cited/relied upon by the parties: Divine Leasing & Finance Ltd. (2007) 207 CTR …
Addition for accommodation entries merely based on statement of investors and without controverting the documents furnished invalid-High Court Prelude: The additions on account of accommodation entries have been a common feature in income tax proceedings which have attracted litigation. A typical modus operandi adopted by the receiver of the such …
Share application money circular transaction addition u/s 68 deleted where loan creditors had subscribed out of the loans repaid by the company-ITAT upholds findings of CIT(A) as identity, genuineness of transaction and creditworthiness of subscribers were not doubted Prelude: Section 68 of the Income Tax Act, 1961 (Act) contains provisions …
Bogus share capital entry to obtain bank loan. Addition made u/s 68 remanded back to verify facts in view of re-casted and revised audited balance sheet and ROC filing-ITAT ABCAUS Case Law Citation: 1031 (2016) (10) ITAT Brief Facts of the Case: The was a provate limited company …
