Please Help: sec 68
Posted Date : 20-May-2011 , 05:41:34 am | Posted By: Kamlesh Kumar Gupta
Category :
Income Tax | Answers :
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Comments :
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Share Application money received by a pvt ltd company at premium (10+190)....can amt recd as share appl money be added u/s 68 declaring premium as relatbly high and unjustified |
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Answers:
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 Answer by: Mrattunjay |
| Yes , may be.
Please share actual facts for final answer
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| Answer by: Vaneet Gupta |
| Yes
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| Comments |
| Posted By : CA MANOJ GUPTA |
23-May-2011, 10:36:55 |
| u have to prove identity and creditworthiness of applicants to avoid rigours of section 68 there is no problem as to share premium under section 68
CA MANOJ GUPTA
JODHPUR
09828510543 |
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| Posted By : Nikhil Agrawal |
23-May-2011, 01:38:14 |
| it depends, whether amt. received through misrepresentation or
any misleading intent of the receiver. in the normal course, charging premium against the business repute is not good enough for sec. 68 |
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