| COURT: | ITAT Kolkata |
| CORAM: | George Mathan (JM), Shamim Yahya (AM) |
| SECTION(S): | 263, 56(viib) |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Revision, share application money, share premium, shell company |
| COUNSEL: | J. P. Khaitan |
| DATE: | September 19, 2014 (Date of pronouncement) |
| DATE: | October 5, 2014 (Date of publication) |
| AY: | |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| Creation of shell companies and subscribing for shares at high premium constitutes tax evasion by money laundering. It is a case of clear human ingenuinity with the clear and contumacious intention to defraud the revenue | |
(i) The first question comes to our mind is as to why this hurry in completing the reassessment proceedings especially when substantial time is still available and detailed inquiry is expected. Normally, once reopening is done by issuance of notice …
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