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Home › All Judgements › CIT vs. Divine Leasing & Finance (Supreme Court)

CIT vs. Divine Leasing & Finance (Supreme Court)

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COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: May 21, 2008 (Date of publication)
AY:
FILE:
CITATION:


The amount of share application money received by a Company from alleged bogus shareholders cannot be regarded as undisclosed income under S. 68 of I. T. Act for the simple reason that if the names of the alleged bogus shareholders are given to the AO, then the Department is free to proceed to re-open their individual assessments in accordance with law.

Note: The judgement of the Delhi High Court against which the SLP was filed is reported in 299 ITR 268/158 TM 440. (download).

See also: CWT vs. Value Capital Services (Delhi High Court)

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