Dismissing the appeal the Court held that\u00a0 Revision order passed by the CIT\u00a0\u00a0 setting aside assessment order with a direction for requisite inquiries doubting said share capital raised with such high premium. Referred\u00a0 Pragati Financial Management (P.) Ltd. v. CIT (2017) 394 ITR 27 (Cal)(HC) and held that even under non-amended provisions of section 68 prior to insertion of proviso to section 68, which was added by Finance Act, 2012, providing for enquiry of sum credited by assessee, an Income-tax Officer was not precluded from making an inquiry as to true nature and source of sum found credited in books even if same was credited as receipt of share application money. (AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share application money-Revision order is held to be valid. [S. 68 69] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29347","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7Dl","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29347"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29347\/revisions"}],"predecessor-version":[{"id":29348,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29347\/revisions\/29348"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}