Addition for Bogus Share Capital cannot be made on the basis of mere suspicion

Principal CIT Vs M/s. Acquatic Remedies Pvt. Ltd. (Bombay High Court)

So far as the genuineness of the investment by the shareholders is concerned, Mr. Mohanty placed reliance upon the statement dated 9^th September, 2010 of Kamlesh Jain who was an employee, as well as, the shareholder of the respondent-assessee and on the fact that during the course of the search, certain blank transfer forms were found in the possession of the respondent-assessee. Besides, it is submitted that the shares were supposed to be fina

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