https://www.taxtmi.com/article/detailed?id=1710 Sums credited as share capital, share premium or similar in the books of a closely held company are to be treated as explained only if the company explains the source of funds in the hands of the resident shareholder; this additional onus does not apply to registered Venture Capital Funds or Venture Capital Companies. Separately, amounts deemed as income under provisions for unexplained credits, money, investments or expenditure will be taxed at an enhanced flat rate and no deduction or allowance shall be permitted in computing such deemed income, effective for the assessment year beginning 1 April 2013. en-us Tue, 08 May 2012 09:38:23 +0530 Tue, 08 May 2012 09:38:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1710 Sums credited as share capital, share premium or similar in the books of a closely held company are to be treated as explained only if the company explains the source of funds in the hands of the resident shareholder; this additional onus does not apply to registered Venture Capital Funds or Venture Capital Companies. Separately, amounts deemed as income under provisions for unexplained credits, money, investments or expenditure will be taxed at an enhanced flat rate and no deduction or allowance shall be permitted in computing such deemed income, effective for the assessment year beginning 1 April 2013. Articles Income Tax Tue, 08 May 2012 09:38:23 +0530 https://www.taxtmi.com/article/detailed?id=1710