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Bogus Share Capital | Addition upheld | Creditworthiness of shareholders not proved
Case Law Details
- Case Name
- M/s Royal Rich Developers Pvt. Ltd. Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Mumbai
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M/s. Royal Rich Developers Pvt. Ltd. Vs DCIT (ITAT Mumbai)
We are of the considered view that the onus is on the assessee company to bring on record the cogent evidences to prove the identity and creditworthiness of the share subscribers and genuineness of the transaction which in the instant case the assessee is not able to prove the same as per the facts emerging from the records and material before us as set out above and in our considered view in the instant case the transactions were nominal rather than real . The creditworthiness of the shareholders is not proved because...
