M/S Mohit Minerals Pvt.Ltd., New Delhi vs Deputy Commissioner Of Income Tax ... on 1 February, 2024
- A O also v isited bank a nd v erifie d that the amounts ha d been
deposited i mmediat ely bef ore i ssue of cheques for invest ment
in shares - S hares were brought back a t a low price in next
ye ar - HELD - It is pe rti nent to note tha t i n the firs t year, how
could the ass ess ee ma nage s uc h sha re applicati on on a
premi um of Rs,9 0 without doi ng any busi ness or without
creati ng goodwil l - A G has conducted detai led i nq ui r y, whic h
es tabl is h tha t the transac tion is not genui ne - Credits in f orm
of share premi um are not acceptable. Vai hhav Cotton Pvt. Ltd
v. ITO (2012) 20 ITJ 422 (Trib.-Indore ).