The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that Share Application Money is ‘Capital Asset’ for the purpose of Income Tax Act. As a part of corporate restructuring undertaken by the assessee group, it

In a significant ruling, a two-judge bench of the Supreme Court has confirmed an addition in respect of bogus share application money and premium and bogus capital gain. The Income Tax Department finally won the

While upholding the ITAT order, a division bench of Bombay High Court held that, Share application money cannot be treated as Undisclosed Income. The assessee company M/s. Likproof India P. Ltd is a sister concern

Recently, in Council of Institute of Chartered Accountants of India v. Kailash Chander Agarwal & Anr, the division bench of the Delhi High Court found the ban of a Chartered Accountant for 5 years from

The Visakhapatnam bench of Income Tax Appellate Tribunal (ITAT) held that section 56(2) (viia) did not attract on mere conversion of share application money by allotting shares at subsequent date without change of share pattern.

While dismissing the appeal filed by the revenue Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that the share application money received cannot be treated as unexplained for the purpose of Section 68

Recently a two-judge bench of Delhi High Court in Commissioner of Income Tax (Central) Vs. M/S Russian Technology Centre (P)Ltd. held that share application money cannot be deemed as unexplained when the payment is evident

The Income Tax Appellate Tribunal (ITAT), Delhi Bench quashed the  reopening of the assessment and consequently deleted addition on account of share application money and commission paid. The assessee company, M/s. Sungrow Impex Private Limited

The Income Tax Appellate Tribunal (ITAT) of Mumbai Bench deleted the addition made towards share application money recorded in books of account on unabated assessment year. The assessee Morpan Merchant Private Limited belongs to Gauti

The Chennai bench Income Tax Appellate Tribunal ( ITAT ) recently directed the Assessing Officer ( AO )to verify the fabricated financial statements with respect to share application money in Profit and Loss Account. Kali

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that the unsecured loans and share application money could not be bogus in the absence of evidence as to identity and creditworthiness of creditors

The Income Tax Appellate Tribunal(ITAT), Mumbai Bench, has recently in an appeal filed before it, held that addition can be made in respect of share application money, upon the failure of the assesse to prove

The Income Tax Appellate Tribunal (ITAT) Delhi bench has reiterated the precedence that Revenue cannot make addition under section 68 without making a thorough probe if the assessee has given adequate evidence that would prima

The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, has recently, in an appeal filed before it, held that reopening of assessment based on investigation wing’s information is valid, when the company is found

The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) ruled that addition under Section 68 of the Income Tax Act, 1961 should not be made, when authenticity/genuineness of share application money received from various