https://www.taxtmi.com/caselaws?id=755494 The ITAT Kolkata upheld the AO's addition under Section 68 for unverified share premium, reversing the CIT(A)'s deletion. The tribunal found that the assessee company had no business activity during the relevant year, making the Rs 190 per share premium from investors commercially unjustifiable. The tribunal held that no prudent investor would pay such premium for a dormant company with poor business credentials and no future prospects. Following the BST Infratech precedent, the tribunal concluded the assessee failed to prove transaction genuineness and discharge the burden under Section 68, allowing the revenue's appeal. en-us Wed, 10 Jul 2024 00:00:00 +0530 Fri, 12 Jul 2024 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755494 The ITAT Kolkata upheld the AO's addition under Section 68 for unverified share premium, reversing the CIT(A)'s deletion. The tribunal found that the assessee company had no business activity during the relevant year, making the Rs 190 per share premium from investors commercially unjustifiable. The tribunal held that no prudent investor would pay such premium for a dormant company with poor business credentials and no future prospects. Following the BST Infratech precedent, the tribunal concluded the assessee failed to prove transaction genuineness and discharge the burden under Section 68, allowing the revenue's appeal. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755494