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M/S. Piramal Enterprises Limited vs Income Tax Officer-6 (2) (1) Mumbai And 2 ... on 14 March, 2024
cites
Section 148 in The Income Tax Act, 1961 [Entire Act]
Khubchandani Hospitals Pvt. Ltd vs Deputy Commissioner Of Income Tax, ... on 27 June, 2022
2. A similar issue came up for consideration in the recent matter
Gitalaxmi
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3/4 207-oswp-1138-2016-J.doc
before this Court in Godrej Projects Development Pvt. Ltd. v. Income
Tax Officer, 1(1)(4) and Others1. There also the Court came to a
finding that there was no basis for the Assessing Officer ("AO") for
his reason to believe that the income chargeable to tax had escaped
assessment. The AO appears to have not been in doubt regarding the
transaction having taken place between the two companies with
regard to 9,90,000 equity shares and receipt of share premium
amount and what is sought to be questioned is not the transaction,
but the receipt of share premium amount, which was said to be
excessive and much beyond the intrinsic value of shares.
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