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Case Law Details

Case Name : ITO Vs. Jwalaji Propbuild Pvt. Ltd. (ITAT Delhi)
Related Assessment Year : 2007-08
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In the present case, the assessee can be said to have discharged its onus under section 68 of the Act in proving the genuineness of the share capital in respect of the impugned 22 shareholders in the light of proposition laid down by the Supreme Court and Delhi High Court in the cases cited above. The appellant has given all the necessary details in order to establish the identity of the aforementioned share applicants. It is also observed that all the share applicants are corporate assessees, incorporated under Indian Companies Act.

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