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2017 (1) TMI 1567 - HC - Income TaxUnexplained share capital u/s 68 - discharge the primary onus casted upon it to prove the identify, genuineness and creditworthiness of the investors - Held that:- In view of the judgment of the Hon’ble Supreme Court in the case of Commissioner of Income Tax vs. Lovely Exports (P) Ltd.(2008 (1) TMI 575 - SUPREME COURT OF INDIA) as held if the share application money is received by the assessee-company from alleged bogus shareholders, whose names are given to the AO, then the department is free to proceed to re-open their individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment. The issue is decided in favour of the assessee.
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