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If no cash involved in share allotment than unexplained cash credit provisions not attracted
Case Law Details
- Case Name
- M/s. V.R.Global Energy Pvt. Ltd. Vs ITO (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All High Courts, Madras High Court
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M/s.V.R.Global Energy Pvt. Ltd. Vs ITO (Madras High Court)
When there was no cash involved in the transaction of allotment of shares, provisions of Section 68 of the said Act treating it as unexplained cash credit are not attracted.
Learned counsel for the appellant assessee emphatically argued that inasmuch as the source of credit in which shares were allotted was clearly explainable, the same cannot be treated as unexplained cash credit. Moreover, the identity of the share holders and the liability of the company to shareholders has been established and, therefore, the allotment of shares ca...
