Transaction not become bogus merely for non response to section 133(6) notices: ITAT Mumbai

Flagship Housing Development Pvt. Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that non-response to notice u/s. 133(6) of the Income Tax Act by some parties that does not prove that the entire transactions are bogus especially when all other documents to prove the identity and creditworthiness of the parties have been submitted Facts- During the year under consideration, assessee had issued 8,90,000 optionally convertible non-cumulative preference shares at Rs.10/- at a premium of Rs.90/- to 15 parties which included 14 companies. Matter was reopened mainly that, out of 15 parties, 8 of the com...