Receipt of share application money not taxable in case of non-resident

M/s. Shreenath Heritage Liquor Pvt Ltd. Vs ACIT (ITAT Jaipur)

Conclusion:

Addition under section 68 on account of share application money received from non-resident was not justified as money brought into India by non-residents for investment or other purposes was not liable to Indian Income Tax.

Held:

Assessee received share application money from non-resident. AO made the addition of Rs. 83.25 lacs u/s 68 on the ground that creditworthines

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