Bogus Share Capital: ITAT criticises casual approach of Department

ITO Vs M/s Citymaker Builder Pvt. Ltd. (ITAT Mumbai)

As two of the share applicant companies as per the information received by the A.O from the office of the DGIT(Inv), Mumbai, were the companies controlled  an infamous accommodation entry provider, therefore, it was incumbent on the part of the lower authorities to have carried out an in depth verification of the genuineness of the transaction of receipt of share application money by the assessee from the said parties. However, as observed by us hereinabove, the a

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