Share capital/ premium added as unexplained cash credit as creditworthiness and genuineness of transaction not proved

PCIT Vs Minto Park Estates Private Limited (Calcutta High Court) Calcutta High Court held that addition towards share capital/ premium as unexplained cash credit u/s. 68 of the Income Tax Act justified since the assessee did not discharge the creditworthiness and the genuineness of the transactions. Accordingly, appeal of revenue allowed. Facts- The case of the assessee was selected for scrutiny. AO noted that 24000 shares were allotted with premium of Rs. 1,17,60,000/- at the rate of Rs. 419 per share to 9 subscribers. AO examined the financial stability of the share subscriber companies and ...