ASTT.COMMISSIONER OF INCOME TAX,CENTRAL CIR 2(3) R, NAGPUR vs. M GUPTA COALFIELDS & WASHERIES LTD., NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iii) the assessee did not discharge his onus casted upon him to explain the amounts of share premium and share application money reflected in the Balance Sheet; (iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through