Excessive Share Premium Cannot Be Taxed as Unexplained Cash Credit Under Section 68 if Identity, Creditworthiness, and Genuineness Are Proven
Excessive Share Premium Cannot Be Taxed as Unexplained Cash Credit Under Section 68 if Identity, Creditworthiness, and Genuineness Are Proven Issue Whether an investment toward share premium received by an assessee-company from its holding company can be treated as an unexplained cash credit under Section 68 merely because the Assessing Officer (AO) deems the valuation… Read More »