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2016 (12) TMI 875 - BOMBAY HIGH COURT

2016 (12) TMI 875 - BOMBAY HIGH COURT - TMI - Reopening of assessment - capital gain - huge premium higher than the real worth of the share - Held that:- The Petitioner's filed its objections by letter dated 20th July, 2016 to the reasons recorded. In its objections, the Petitioner points out that the reasons as recorded have been premised on figures which were incorrect. In particular, the face value of the shares is not ₹ 411/per share as indicated in the reasons recorded but ₹ 10/ .....

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isposing of the objections dated 9th September, 2016 be set aside and the issue be restored to the Assessing Officer to dispose of the Petitioner's objections as stated and confined to contents of its objections dated 20th July, 2016. AO would dispose of the objections dated 20th July, 2016 within a period of six weeks from today. - Writ Petition No. 2356 of 2016 - Dated:- 7-12-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. Pankaj Toprani with Ms. Krupa Toprani i/b. PRH Juris Consults, for the .....

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to reopen the Assessment for the Assessment Year 2009-10. 3 The reasons in support of the impugned notice reads as under: In this case information was received from the office of the Chief Commissioner of Income Tax (CCA), Mumbai vide No.MUM/CCIT/Coord/UIII/ Sharp Prem/201315/ 1675 dated 07.03.2014 regarding the huge premium issued by the assessee company. As per the data forwarded, above mentioned company has issued total share premium of ₹ 12,333,360/during the F. Y. 2008-09 relevant to .....

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d surpluses. On perusal of the balance sheet, it is found that the company has shown a reserve and surplus of ₹ 3,59,19,569/which is completely because of the high share premium received during the previous year was ₹ 4,15,52,325. Thus, the company has only source of the high share premium for the share investment made by the company in the current year. Thus, the company does not have commensurate financial position for receiving such a high share premium on shares. It is difficult .....

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e of ₹ 12,333,360/chargeable to tax has escaped assessment within the meaning of section 147 of the Income Tax Act, 1961 in the hands of the assessee for A. Y. 2009-10. Approval may kindly be accorded for issue of notice under section 148 of the I. T. Act. 4 The Petitioner's filed its objections by letter dated 20th July, 2016 to the reasons recorded. In its objections, the Petitioner points out that the reasons as recorded have been premised on figures which were incorrect. In particu .....

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