Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (5) TMI 996 - AT - Income TaxAddition u/s 68 - assessee has raised fresh paid-up share capital which includes share premium by issue of fresh share during the instant previous year - AO straightway discussed position of law and then observed that assessee failed to submit specific details, hence he made the addition - HELD THAT:- According to the ld. CIT(Appeals), it is highly improbable that some genuine company would pay the premium as shown by the assessee. The simple reason is that there should some scientific study for commanding the premium and here in this case, the assessee has taken premium @ Rs.249/- per share as well as Rs.499/- per share. The face value of the share is only Rs.1/- in both the cases. As taken note of this finding of CIT(Appeals) in the order - The assessee failed to submit plausible details before AO as well as CIT(Appeals). It has not filed any paper book before the Tribunal. After going through the well reasoned finding of the ld. 1st Appellate Authority, we do not find any reason to interfere in it. Hence, this appeal of the assessee is dismissed.
|