CIT VS M/S. ORCHID INDUSTRIES PVT. LTD.
(INCOME TAX APPEAL NO. 1433 OF 2014)
05-07-2017

S. 68 Bogus share capital: Mere fact that parties to whom the share certificates were issued and who had paid the share capital money were not traceable and did not appear before the AO in response to summons does not mean that the transaction can be treated as bogus if the documentation shows the genuineness of the transaction.