The Tribunal emphasised that the assessee must be given a full and fair opportunity to present evidence and substantiate claims. The order underscores the importance of correct classification and adherence to natural justice in tax proceedings.

The ROC held that issuing shares to a non-shareholder without following the private placement procedure constituted a violation of Section 62(1)(c) read with Section 42

The ROC held that issuing shares to a non-shareholder without following the private placement procedure constituted a violation of Section 62(1)(c) read with Section 42