Source of source doctrine used to pierce the corporate veil where share capital appears round tripped among related entities. The assessee must prove identity, genuineness and creditworthiness of investors under section 68; examination extends to the true origin of funds where ... Summary
Source of source doctrine used to pierce the corporate veil where share capital appears round tripped among related entities.
The assessee must prove identity, genuineness and creditworthiness of investors under section 68; examination extends to the true origin of funds where bank records show circular transfers, related party directorships, lack of business operations, and arbitrary share premium, permitting lifting the corporate veil and application of the source of source doctrine to treat such receipts as not satisfactorily explained.
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