that total 13
person/companies had invested Rs.50000000/ as share
capital & share premium. Copy of the form no. 2 is
reproduced below:
Shri ... amount of Rs.5,00,00,000/ [Total
of share capital & share premium) as income and hence
has understated its income to the extent
Name of the Investor Share Share Share Source of Asst. In the case
No. capital premium Informatio of
n
1 Nakshatra ... credited consists of share application
Page 18 of 21
C/SCA/21108/2017 JUDGMENT
money, share capital, share premium or any such amount
by whatever
Unit-3(1), Kolkata:
Sr. Name of the Investor Share Share Capital Share
No Premium
1 Galore supplier Pvt. Ltd 37000 37000 3330000
2, Digamber ... lacs shares were allotted to these
companies for raising share capital of Rs. 29,88,500/- and
share premium
assessee company
has received following accommodation entries in form of
Share Capital & Share Premium during the year from the
Kolkata based company :
Sr. Name ... reported that it used
to take accommodation entires of the share capital/share
premium etc., in various years from the various Kolkata
based paper companies
involved in providing accommodation
entries in the form of share capital, share premium, unsecured
loans etc. as admitted in their statement by the main
controller ... 2017 ORDER
Elaborating this ground, he contended that the entire share
application and share premium money was received by the
assessee on or before
valuation of share by discounted
cash flow method and allotment of shares against the amounts
outstanding as unsecured loans at unreasonable premium, clubbed with
multiple ... share
against the unsecured balances of Rs. 24 Crores, treating
the same as share application money and share premium.
The fair market value of shares
TAXAP/1180/2018 ORDER
The issue pertains to the share application money
received by the respondent-assessee-company. The Assessing
Officer added ... amount of
Rs. 9,99,99,900/- on account of share capital and
share premium from M/s. General Capital and
Holding
Officer more
particularly with respect to the increase of share capital; with respect to
share application money and even the expenditure incurred by the
assessee ... assessee also got share application money of Rs.30,15,00,000 during the
year. Assessee also got share premium
valuation of share by discounted cash flow method and
allotment of shares against the amounts outstanding as
unsecured loans at unreasonable premium, clubbed
with multiple ... share against the
unsecured balances of Rs. 24 Crores,
treating the same as share application
money and share premium. The fair
market value of shares
valuation of share by discounted cash flow
method and allotment of shares against the amounts
outstanding as unsecured loans at unreasonable
premium, clubbed with multiple ... share against the
unsecured balances of Rs. 24 Crores,
treating the same as share application
money and share premium. The fair
market value of shares
