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If Share premium defies commercial prudence, it cannot be assessed as unexplained credit
Case Law Details
- Case Name
- CIT Vs Green Infra Limited (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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Relevant Extract of the Judgment
(a) Before the Tribunal, the Revenue raised a new plea viz. that the so-called share premium has also to be judged on the touchstone of Section 68 of the Act which provides for cash credit being charged to tax. The impugned order of the Tribunal allowed the issue to be raised before it for the first time, overruling the objection of the respondentassessee.
(b)The impugned order examined the applicability of Section 68 of the Act on the parameters of the identity of the subscriber to the share capital, the genuineness of the transaction and the capacity of the...
