Section 68 Bogus share capital: Addition justified on failure to establish identity

J. J. Development Pvt. Ltd Vs. CIT (Calcutta High Court) Section 68 Bogus share capital:  The appellant-assessee has referred to a judgment of this Court reported at 114 ITR 689 for the proposition that upon the identity of the person who has put in the money being established by the assessee, the onus is on the Revenue to discredit the explanation offered in terms of Section 68 of the Act. In the present case, there was no plausible explanation that was furnished by the assessee. At any rate, the identities of the alleged share applicants could not be established and the documents of the all...