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High Share Premium With Weak Financials: ITAT Confirms Share Premium Addition
Case Law Details
- Case Name
- Venus Drugs & Cosmetics Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Venus Drugs & Cosmetics Ltd. Vs ITO (ITAT Mumbai)
No Evidence, No Relief- All Additions Upheld: ITAT Mumbai Confirms Disallowances & ₹2.07 Cr Share Capital/Premium/Warrant Addition u/s 68- Identity Alone Isn’t Enough – Share Subscribers Fail Genuineness & Creditworthiness Test- High Share Premium With Weak Financials: Human Probability Test Sinks Assessee’s Case
Assessee, engaged in manufacturing cosmetic products, filed return declaring ₹8.56 lakh. The case was scrutinised & AO made multiple additions-foreign travel expenses, product development, trademark &...
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