HC confirms addition for share capital advance as Assessee failed to prove identity, credit worthiness & genuineness

PCIT Vs SRM Systems and Software P. Ltd. (Madras High Court) The assessee disclosed share capital advance to the tune of Rs.6,17,81,000/- and they were directed to furnish names and addresses of the persons, who contributed the advance share capital. The assessee, by reply dated 15.12.2010, stated that the advance towards share capital is Rs.5,65,96,723/- however, did not furnish any details with regard to their names, addresses, Permanent Account Numbers (PAN), proof in respect of their credit worthiness and proof in respect of genuineness. In the absence of any documents, the Assessing Offi...