Share application amount cannot be added twice in payees & recipients’ hands u/s 68  

ITO Vs Happy Structure Pvt. Ltd. (ITAT Kolkata) The case of ITO vs. Happy Structure Pvt. Ltd. before the Income Tax Appellate Tribunal (ITAT) Kolkata has significant implications for tax law in India. This case revolves around the contentious issue of whether the share application amount can be added twice, both in the hands of the payees and the recipients under Section 68 of the Income Tax Act, 1961. The tribunal’s decision provides clarity on the interpretation of Section 68 concerning the assessment of share application money, which is crucial for companies and tax authorities alike. Bac...