M/S. BHARATHI CEMENT CORPORATION PVT. LTD. VS ACIT
ITA NOS. 696 & 697/HYD/2014
10-08-2018



S. 28(iv) /68: Bogus share premium: The fact that the premium is abnormally high as per test of human probabilities is not sufficient. The AO has to lift the corporate veil & determine whether any benefit is passed on to the shareholders/directors. Directions issued to AO to establish whether assessee company was used as a vehicle to pass on the benefit to shareholders/directors.

No comments:

Post a Comment