https://www.taxtmi.com/caselaws?id=314040 The ITAT Kolkata upheld addition under Section 68 regarding share capital and premium received by the assessee company. The assessee failed to establish identity, genuineness, and creditworthiness of share subscribers who invested in the company's land acquisition venture. Despite claims that land investments would yield high profits after development, the assessee provided only vague submissions without proper documentation. The tribunal noted suspicious circumstances including shares issued to individuals without premium on one date, followed by hefty premiums charged to companies the next day. Share subscribers failed to appear before the AO, and the assessee's main business objects didn't align with land dealing activities. The decision favored the Revenue. en-us Thu, 04 May 2023 00:00:00 +0530 Tue, 14 May 2024 19:14:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314040 The ITAT Kolkata upheld addition under Section 68 regarding share capital and premium received by the assessee company. The assessee failed to establish identity, genuineness, and creditworthiness of share subscribers who invested in the company's land acquisition venture. Despite claims that land investments would yield high profits after development, the assessee provided only vague submissions without proper documentation. The tribunal noted suspicious circumstances including shares issued to individuals without premium on one date, followed by hefty premiums charged to companies the next day. Share subscribers failed to appear before the AO, and the assessee's main business objects didn't align with land dealing activities. The decision favored the Revenue. Case-Laws Income Tax Thu, 04 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314040