https://www.taxtmi.com/caselaws?id=762908 ITAT Kolkata upheld addition under section 68 for bogus share capital. The tribunal found that share applicant company was a paper entity with no business, declaring minimal taxable income of Rs. 22,430 but providing huge share premium of Rs. 589 per Re. 1 share to assessee totaling Rs. 76,70,000. Assessee failed to produce directors of share applicant companies or justify the premium. Tribunal concluded the transaction was a make-believe arrangement with ulterior motives, confirming the addition as bogus share application money. en-us Tue, 24 Sep 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762908 ITAT Kolkata upheld addition under section 68 for bogus share capital. The tribunal found that share applicant company was a paper entity with no business, declaring minimal taxable income of Rs. 22,430 but providing huge share premium of Rs. 589 per Re. 1 share to assessee totaling Rs. 76,70,000. Assessee failed to produce directors of share applicant companies or justify the premium. Tribunal concluded the transaction was a make-believe arrangement with ulterior motives, confirming the addition as bogus share application money. Case-Laws Income Tax Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762908