Addition for Bogus Share Capital cannot be made on the basis of mere suspicion

Principal CIT Vs M/s. Acquatic Remedies Pvt. Ltd. (Bombay High Court) So far as the genuineness of the investment by the shareholders is concerned, Mr. Mohanty placed reliance upon the statement dated 9th September, 2010 of Kamlesh Jain who was an employee, as well as, the shareholder of the respondent-assessee and on the fact that during the course of the search, certain blank transfer forms were found in the possession of the respondent-assessee. Besides, it is submitted that the shares were supposed to be finally transferred to the family members of the Directors of the respondent assessee...