[aaykarbhavan] Receipt of share money after deposit of sums in applicant’s a/c showed illicit transaction; sec. 68 addition upheld

Receipt of share money after deposit of sums in applicant's a/c showed illicit transaction; sec. 68 addition upheld

May 8, 2014[2014] 44 taxmann.com 408 (Delhi)

IT : Where assessee received certain amount as share application money, in view of fact that amounts used to subscribe to shares were deposited in bank accounts of parties on same day or on proximate days, and pay order given for applying to shares was issued from a far off bank branch, authorities below rightly concluded that transaction in question was sham and, therefore, share application money was to be brought to tax under section 68

 

Regards

Prarthana Jalan

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