Unlock All CCI Pro Plans at 15% OFF. Limited-Time Offer. Subscribe Now!

Section 68 ::

Last updated: 25 November 2007

Save Share

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.