ITAT upheld Share Premium addition – 95% of such appeals are filed by Shell Companies

Arham Packaging Goods Pvt. Vs I.T.O. (ITAT Kolkata) Normally, we do not hesitate in adjourning the matters on the request of assessees but we find that it is a case of share application and share premium. There are large number of appeals pending on this issue before the Tribunal and out of them, 95% are not being prosecuted or are not being filed by any genuine business concern. Basically, those appeals are filed by the shell companies and here and there, requests are being made to delay disposal of these appeals. Faced with these situation, we have become little strict in compliance of the h...