Bogus Share Premium & Loan Confirmed as Section 68 Addition by ITAT Mumbai

Ritebane Agritech Solution Vs DCIT (ITAT Mumbai) Share Capital & Loan Treated as Bogus: Appeals Dismissed for Complete Failure to Prove Creditworthiness and Genuineness The assessee companies issued shares at a huge premium based on a valuation report that relied on “confirmed project orders”. However, as noted from the project table reproduced in the order (page 4), most of those projects had not even commenced and only one project was under implementation, that too with related parties. The Assessing Officer found that group concerns operating from the same premises were routing fund...