share application money

Section 68

Delhi H.C : Where assessee received certain amount as share application money, in view of fact that amounts used to subscribe to shares were deposited in bank accounts of parties on same day or on proximate days, and pay order given for applying to shares was issued from a far off bank branch, authorities below rightly concluded that transaction in question was sham and, therefore, share application money was to be brought to tax under section 68

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High Court Of Delhi Onassis Axles (P.) Ltd. vs. CIT Assessment Year : 2007-08 Section : 68 S. Ravindra Bhat

Section 69

Allahabad H.C : The Income Tax Appellate Tribunal was correct in law in deleting the additions made by the Assessing Officer regarding unexplained share capital and unexplained share application money relying on the decision of the Supreme Court in the case of Stellar Investment whereas the assessee company being a Pvt. Ltd. Company and the shares allotted on private placement basis and also assessee failed completely to produce these shareholders and the summons issued by the Assessing officer at the given addresses are received back unserved

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High Court of Allahabad CIT vs. Misra Preservers (P.) Ltd. Section : 69 Asst. Year : 1988-89 Sunil Ambwani&Adityanath Mittal,

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