Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
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Addition u/s 68 - Bogus share capital and share premium received. The assessee failed to prove the identity and creditworthiness of the subscriber companies and the genuineness of the transactions. The assessee could not justify the huge premium charged nor establish the creditworthiness of the share applicants/shareholders. Most applicants lacked regular income sources or strong financials to justify the investment with huge premium. The assessee did not carry out any valuation to justify the premium charged. The transactions relating to share issuance were not genuine, and the creditworthiness of the creditors was not established. Based on judicial precedents and the CIT(A)'s findings that the applicants were shell companies, the ITAT upheld the CIT(A)'s order treating the addition u/s 68 as valid.
Addition u/s 68 - Bogus share capital and share premium received. The assessee failed to prove the identity and creditworthiness of the subscriber companies and the genuineness of the transactions. The assessee could not justify the huge premium charged nor establish the creditworthiness of the share applicants/shareholders. Most applicants lacked regular income sources or strong financials to justify the investment with huge premium. The assessee did not carry out any valuation to justify the premium charged. The transactions relating to share issuance were not genuine, and the creditworthiness of the creditors was not established. Based on judicial precedents and the CIT(A)'s findings that the applicants were shell companies, the ITAT upheld the CIT(A)'s order treating the addition u/s 68 as valid.
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