https://www.taxtmi.com/caselaws?id=450520 Where a company functions only as a conduit for accommodation entries, the gross routed share capital, share premium and related bank credits are not taxed again in its hands under section 68; only the commission element is taxable. Amounts used for land-related payments, stamp duty, registration, intermediary payments and similar outgoings cannot be added a second time when the same sums have already been assessed in the hands of the actual contributors or payers. A claimed payment for purchase of the company is not taxable in the company's hands where the evidence shows it was, if at all, paid by the acquirers. The balance of registered land consideration was not treated as undisclosed investment under section 69B in the absence of evidence of understatement or off-book payment. en-us Fri, 22 Dec 2023 00:00:00 +0530 Wed, 06 Mar 2024 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450520 Where a company functions only as a conduit for accommodation entries, the gross routed share capital, share premium and related bank credits are not taxed again in its hands under section 68; only the commission element is taxable. Amounts used for land-related payments, stamp duty, registration, intermediary payments and similar outgoings cannot be added a second time when the same sums have already been assessed in the hands of the actual contributors or payers. A claimed payment for purchase of the company is not taxable in the company's hands where the evidence shows it was, if at all, paid by the acquirers. The balance of registered land consideration was not treated as undisclosed investment under section 69B in the absence of evidence of understatement or off-book payment. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450520