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If Share Application Money is received from identifiable investors, Onus shifts to Income Tax Dept to Disprove: ITAT Deletes Rs. 5 Crore Addition [Read Order]

Kavi Priya

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an addition of Rs. 5 crore under Section 68 of the Income Tax Act, 1961,...

Creditworthiness of Share Subscriber Companies Proven: ITAT deletes Addition of Unexplained Share...

Non Response to Notice u/s 133(6) of Income Tax Act doesn't prove that entire Transaction is Bogus:...

No Addition u/s 68 of Income Tax Act when Share Application Money received from companies engaged in...

Wrongful Allegation of Non-Current Investment made in Share Application money of Entity: Delhi HC...

Forfeiture of Share Application money is Capital Receipt, not Revenue Receipt: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Delhi bench held that forfeiture of share application money is capital receipt and not revenue receipt. Assessee V C Solutions Pvt. Ltd. after filing...

CBI Court Convicts then AGM of PNB, then MD of a Private Company and Others in Hyderabad Bank Fraud Case

In a recent development, the Special Judge for CBI Cases, Hyderabad has sentenced R. P. Garg, then AGM, Punjab National Bank, Banjara Hills, Hyderabad, Jitender Kumar Agarwal, then MD of M/s. Sheetal...

CBI - CBI Court - Bank Fraud Case - PNB - Taxscan

Share Application Money received in cash by Company does not attract Provisions of S. 269SS of Income Tax Act: ITAT deletes Penalty [Read Order]

The Delhi Income Tax Appellate Tribunal (ITAT) recently, while deleting the penalty imposed by the assessing officer, held that share application money received in cash by the company did not attract...

Accepting of Share Application Money is Not “Loan” u/s 269SS of the Income Tax Act, No Penalty: ITAT [Read Order]

The Kolkata Income Tax Appellate Tribunal ( ITAT ) has recently held that accepting of share application money was not loan under section 269SS of the Income Tax Act 1961, no penalty could be levied...

S. 56(2)(viia) does Not Attract on Mere Conversion of Share Application Money by Allotting Shares at Subsequent Date without Change of Share Pattern: ITAT [Read Order]

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...

Due explanation of ground of receipt of Share Application Money: Gujarat HC quashes Reassessment [Read Order]

The Gujarat High Court quashed re assessment order as there was due explanation of ground of receipt of share application money. The petitioner, Gujarat Natural Resources Limited a company,...

No Addition of Share Application Money be made if enquiries conducted have not been confronted to Assessees: ITAT deletes addition of Rs. 36 Cr against Bhushan Group [Read Order]

In a major relief to Sur Buildcon, BBN Transportation, and Goldstar Cement, the Income Tax Appellate Tribunal (ITAT), Delhi bench while deleting the addition of Rs. 36 Crores ruled that the no...