Section 68 ::

Court :
HC

Brief :
Held by the Hon`ble Court that, if it be assumed that the subscribers of application money were not genuine, under no circumstances amount of share application money could be regarded as undisclosed income of the company. Therefore share application money in fictitious names can not be treated as undisclosed income of the assessee as per section 68.

Citation :
Commissioner of Income Tax Vs. Electro polychem Ltd.,

Section 68 Commissioner of Income Tax Vs. Electro polychem 06/21/2007 [2007] 294 ITR 661 (Mad) Case Fact:Whether, share application money in fictitious names can be treated as undisclosed income of the assessee as per section 68? Decision: Held by the Hon`ble Court that, if it be assumed that the subscribers of application money were not genuine, under no circumstances amount of share application money could be regarded as undisclosed income of the company. Therefore share application money in fictitious names can not be treated as undisclosed income of the assessee as per section 68.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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