| COURT: | ITAT Mumbai |
| CORAM: | Rajesh Kumar (AM), Shailendra Yadav (JM) |
| SECTION(S): | 68 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | bogus share capital |
| COUNSEL: | P. Daniel |
| DATE: | November 30, 2015 (Date of pronouncement) |
| DATE: | December 3, 2015 (Date of publication) |
| AY: | 2007-08 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 68 (bogus share capital): Despite statement of Mukesh C. Choksi & Jayesh Sampat admitting bogus share capital, addition cannot be made in assessee-company's hands | |
If the share application money is received by the assessee company from alleged bogus share holders who’s name are given to the AO then the department is free to proceed to reopen their individual assessments in accordance with law but it cannot be regarded as undisclosed income of assessee company
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