{"id":49220,"date":"2024-12-28T10:52:01","date_gmt":"2024-12-28T05:22:01","guid":{"rendered":"https:\/\/itatonline.org\/digest\/ito-v-cornerstone-property-investments-p-ltd-2024-300-taxman-85-sc-editorial-cornerstone-property-investments-p-ltd-v-ito-2023-152-taxmann-com-256-karnhc\/"},"modified":"2024-12-28T10:52:01","modified_gmt":"2024-12-28T05:22:01","slug":"ito-v-cornerstone-property-investments-p-ltd-2024-300-taxman-85-sc-editorial-cornerstone-property-investments-p-ltd-v-ito-2023-152-taxmann-com-256-karnhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ito-v-cornerstone-property-investments-p-ltd-2024-300-taxman-85-sc-editorial-cornerstone-property-investments-p-ltd-v-ito-2023-152-taxmann-com-256-karnhc\/","title":{"rendered":"ITO v. Cornerstone Property Investments (P.) Ltd. (2024) 300 Taxman 85 (SC) Editorial : Cornerstone Property Investments (P.) Ltd v. ITO (2023) 152 taxmann.com 256 (Karn)(HC)"},"content":{"rendered":"<p>The assessee filed its return of income which was processed under section 143(1). Subsequently, the Assessing Officer issued a reopening notice on ground that the assessee had issued shares to its director at Rs. 10 whereas shares were alloted to company WPIPL at a premium of Rs. 990. It further passed reassessment order under section 68 on account of said share premium amount. On appeal, the Commissioner (Appeals) as well as the Tribunal also upheld the addition made by the Assessing Officer. On appeal the Court held that the\u00a0 assessee had produced various documents including copies of bank statements of\u00a0 Walden Properties Investment Pvt Ltd.(WPIPL)\u00a0 copies of share certificates, copy of its annual return filed before Registrar, copy of assessment order under section 143 read with section 153C in case of WPIPL. Assessee had also annexed balance sheet of WPIPL which showed that it had taken term loan of huge amount.\u00a0 WPIPL also had reserves and surpluses of huge amount and its investments in various mutual funds, national savings scheme and equity shares including investment with assessee was also of huge amount. Transfer of funds was made through bank transactions. Accordingly\u00a0 the High Court held that the\u00a0 accordingly the addition under section 68 made on account of share premium received is\u00a0 set aside. There was delay of 325 days in filing SLP by Revenue. Delay is not satisfactorily explained, the SLP of Revenue is dismissed. <strong>\u00a0<\/strong>(AY. 2008-09)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits-Share premium-Proved   identity and creditworthiness of investor and genuineness of transactions-Order of Tribunal confirming the addition is  set aside-Delay of 325 days-SLP of Revenue is dismissed.  [S. 143(1), 147,148,  Art. 136] <\/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-49220","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cNS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49220","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=49220"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49220\/revisions"}],"predecessor-version":[{"id":49221,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49220\/revisions\/49221"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}