Share capital addition with premium on mere surmises / conjectures unjustified

ITO Vs M/s. Sankalp Corporate Services Pvt. Ltd. (ITAT Mumbai)

Conclusion:

Addition under section 68 made by AO of the entire share capital and premium received during the year  on the basis of negative observation about availability of funds with share applicant was unjustified as the share applicant was the sister concern of assessee, from whom similar share application with premium were received in the earlier year and the balance sheet of the share applicant showed a

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