Ayaana Comtrade (P.) Ltd. v. ITO (2019) 176 ITD 6 (Ahd.) (Trib.)

S. 68 : Cash credits–Share application-High premium–Addition as unexplained cash credit is held to be justified.

Dismissing the appeal of the assessee the Tribunal held that the assessee could not produce share applicants, justification for high premium, cash was deposited before issue of cheque and persons who have subscribed shares had nominal income. Addition as unexplained cash credit is affirmed. (AY. 2012-13)