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2013 (9) TMI 748 - ALLAHABAD HIGH COURTAddition on account of share application money – Undisclosed income to the company in case of money received from bogus shareholders – Held that:- Reliance is placed on the decision on Hon'ble Supreme Court of India reported in [2008 (1) TMI 575 - SUPREME COURT OF INDIA] in case of Commissioner of Income Tax Vs. Lovely Exports Pvt. ltd., in which Hon'ble Supreme Court has held that if the share application money is received by assessee company from alleged bogus share holders, whose names are given to the AO then the department is free to proceed to re-open there individual assessments in accordance with law but it can't regarded as undisclosed income of the assessee company – Decided against the Revenue.
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