https://www.taxtmi.com/caselaws?id=447124 The ITAT Ahmedabad upheld addition u/s 68 for bogus share capital of Rs. 40.34 crores. The assessee company, incorporated in 2012 with revenue of Rs. 43,700, issued shares at Rs. 9,990 premium per share but failed to establish identity, creditworthiness, and genuineness of the transaction with the investor company. The tribunal found no justifiable basis for the huge premium valuation given negligible operations. Banking channels and party confirmations were deemed insufficient without proving creditworthiness. The appeal was dismissed. en-us Fri, 15 Dec 2023 00:00:00 +0530 Mon, 18 Dec 2023 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447124 The ITAT Ahmedabad upheld addition u/s 68 for bogus share capital of Rs. 40.34 crores. The assessee company, incorporated in 2012 with revenue of Rs. 43,700, issued shares at Rs. 9,990 premium per share but failed to establish identity, creditworthiness, and genuineness of the transaction with the investor company. The tribunal found no justifiable basis for the huge premium valuation given negligible operations. Banking channels and party confirmations were deemed insufficient without proving creditworthiness. The appeal was dismissed. Case-Laws Income Tax Fri, 15 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447124