Money received for issuing shares has to treated a capital receipt and cannot be taxed

Supermax Personal Care Private Limited Vs. ACIT (ITAT Mumbai)

We find that the FAA has observed that the AO had held that a multi layered holding structure was deliberately created to avoid taxes in India and to conceal the information about the ultimate beneficiaries.Having AE.s outside India in itself cannot be held against an assessee. Because of advancement of technology,the globe has become a villge. So,the nature of business has changed a lot. In our humble opinion, assessees are free to decide the manner

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