TaxTMI 
TaxTMI 
2018 (2) TMI 1530
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....CE S. RAVINDRA BHAT (ORAL) The Revenue's appeal seeks deletion of the sum of Rs. 1,78,51,005/- brought to tax added by the Assessing Officer. 2. The assessee had reported receipt of the said sum of Rs. 1,78,51,005/- as share premium and call in arrears. These amounts pertain to offering in the public issue made by the assessee in 1994-95. The offer was made to both existing shareho....
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....sual and the call arrears were liquidated after 10 years, equally the assessee was a public limited company and could not be expected to keep track of its individual shareholders and their details. Their orders also disclosed that the assessee had 50,000 shareholders and that the difficulties it expressed, during the course of assessment and appellate proceedings were genuine. The ITAT returned th....
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....liability of interest on the amount unpaid on allotment till the date of actual payment and also of forfeiture of such debentures. The Assessing Officer found it unusual that total amount of Rs. 1,78,51,005/- stood outstanding for almost 10 years and suddenly, the emoluments gets paid up. The Assessing Officer held that the assessee failed to discharge the primary onus of furnishing full details o....
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....ding results have been accepted year after year. Thus there was no reason to suspect that the assessee was having funds outside the account books. There was also no reason to doubt that its Directors would deposit their own money, nor was there any evidence on record in the names of share holders distantly related to any of the Directors. It has also not been disputed that the share holders had pa....