2019 (1) TMI 1089 - DELHI HIGH COURT

Addition u/s 68 - unexplained money receipt in the form of share capital/share premium - addition was deleted by the CIT (Appeals) on the ground that the assessee had been able to establish identity, creditworthiness of the shareholders and genuineness of the transactions - Held that:- We have no hesitation in holding that the transactions in question were clearly sham and make-believe with excellent paper work to camouflage their bogus nature. Accordingly, the order passed by the Tribunal is clearly superficial and adopts a perfunctory approach and ignores evidence and material referred to in the assessment order. The reasoning given is contrary to human probabilities, for in the normal course of conduct, no one will make investment of such huge amounts without being concerned about the return and safety of such investment. - Decided in favour of revenue