Case Law Details
Case Name : Bharathi Cement Corporation Pvt. Ltd. Vs ACIT (ITAT Hyderabad)
Appeal Number : ITA Nos. 696 & 697/Hyd/2014
Date of Judgement/Order : 10/08/2018
Related Assessment Year : 2009-10 & 2010-11
Courts :
All ITAT ITAT Hyderabad
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Bharathi Cement Corporation Pvt. Ltd. Vs ACIT (ITAT Hyderabad)
Conclusion: In the matter f Issue of Share at High Premium AO should not resort to rely on circumstantial evidence or on test of human probabilities but on factual evidence of passing of benefit to the shareholders/directors. Hence ITAT remanded the matter back to AO to re-assess whether the assessee was used as a vehicle to pass on the benefit to the shareholder / director.
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