Addition u/s 68 cannot be made merely because investment was considerably large
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Addition u/s 68 cannot be made merely because investment was considerably large

Case Law Details

Case Name
PCIT Vs Aditya Birla Telecom Ltd (Bombay High Court)
Date of Judgement/Order
Only available for paid members
Related Assessment Year
2009-10
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PCIT Vs Aditya Birla Telecom Ltd (Bombay High Court) Conclusion: Addition under section 68 on account of bogus share capital merely because the investment was considerably large and several corporate structures were either created or came into play in routing the investment in assessee through a Mauritius entity would not be justified to establish a sham transaction or colourable device. Moreso, assessee could not be asked to prove the source of source. Held: Assessee-company was engaged in providing telecommunication services and  had issued 19,25,000 preference shares, each of the face valu...
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