https://www.taxtmi.com/caselaws?id=334705 The appeal was dismissed by the court due to the absence of a substantial legal question. The judgment emphasized that if the money received for share capital did not belong to the company, the Revenue should pursue action against the shareholders rather than the company. The court upheld the Tribunal and Commissioner of Income-tax (Appeals) findings regarding the company's receipt of money and share issuance. The case underscores the distinction between company and shareholder liability concerning funds' sources and share issuances, directing the Revenue to act based on established facts against the involved parties. en-us Tue, 02 Aug 2016 00:00:00 +0530 Fri, 18 Nov 2016 13:21:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334705 The appeal was dismissed by the court due to the absence of a substantial legal question. The judgment emphasized that if the money received for share capital did not belong to the company, the Revenue should pursue action against the shareholders rather than the company. The court upheld the Tribunal and Commissioner of Income-tax (Appeals) findings regarding the company's receipt of money and share issuance. The case underscores the distinction between company and shareholder liability concerning funds' sources and share issuances, directing the Revenue to act based on established facts against the involved parties. Case-Laws Income Tax Tue, 02 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334705