Constitute special bench to resolve dispute of taxability of share capital/premium u/s 68: ITAT

DCIT Vs Lotus Logistics & Developers Ltd (ITAT Mumbai) In this case ITAT was hearing the dispute related to addition for unexplained cash credit received in the form of share capital under section 68. ITAT observed that on the same issue  in a large number of decisions of the coordinate benches held that once all such material, such as mentioned in paragraph 3 below, are filed by the assessee, the onus shifts on the department to prove that the share capital subscription is genuine, and there is no specific findings by the Assessing Officer to disprove the transactions either. In the 16 p...