J. J. DEVELOPMENT PVT. LTD. VS CIT KOLKATA
ITAT NO. 329 OF 2016
27-06-2018


S. 68 Bogus share capital: If the alleged share applicants do not appear before the AO pursuant to the s. 131 summons and the documentation is inadequate, it is a "completely bogus claim". The assessee cannot argue that the AO should have made inquiries from the AO of the share applicants as to their credit-worthiness.
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