Onus on assessee to justify allottment of shares to outsiders at exorbitant premium

Advertisement M/s. Pratik Syntex Private Ltd Vs. ITO (ITAT Mumbai) In the instant appeal before us, the inspector was deputed by the AO to make field enquiries who could not locate these three shareholders and the assessee also could not furnish the current addresses of these three new shareholders. These in the instant case before us, these three shareholders did not have sufficient income to justify making these huge investments and factual matrix of the instant appeal before us justify confirming additions u/s 68 which are similar to the factual matrix in the case of Konark Structural En...