Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (7) TMI 146 - HC - Income TaxUndisclosed income creditworthiness of shareholders genuineness of transaction burden of proof Held that: - 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 reopen their individual assessments in accordance with law - the share application money of rupees twelve lacs cannot be regarded as undisclosed income of assessee under Section 68 of Act, 1961
|