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Issue of Share at Premium- Modus Operandi of Conversion of Black Money into White
Case Law Details
- Case Name
- M/s. Subhalakshmi Vanijya Pvt. Ltd. Vs CIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Kolkata
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Issue of Share at Premium- CIT can revise order u/s 147 by invoking provision of section 263- ITAT Kolkata
Brief of the case:
In these cases there are 18 different assessees who filed appeal before ITAT aggrieved from the order u/s 263 passed by CITs. In original proceedings AO passed orders with nominal additions after investigation by way of summoning various subscribers to share capital of assessee companies. Subsequently, CIT issued notice u/s 263 and found assessment order erroneous and prejudicial to the interest of the revenue. In order to decide the appeals on merits, ...
VERY INFORMATIVE AND VERY GOOD ANALYSIS,BUT IN KOLKATA WHERE PROFESSIONAL OPPORTUNITIES ARE RARE BECAUSE OF NO INDUSTRIAL OR OTHER DEVELOPMENT,PROFESSIONALS RESORT TO SUCH PRACTICES AND FACTS ARE KNOWN TO ALL,AS ALL OFFICERS/CLERKS ETC ARE HAND IN GLOVE WITH THE OPERATORS AND KNOW THE PRICE FOR SUCH DEEDS WOULD BE PAID BY THE IGNORANT ASSESSEES.HOPE PROFESSIONALS WOLUD LEARN A LESSON FROM THIS DECISION.