ITAT upholds Revenue's plea
that assessee (a private limited company & engaged in real estate
business) received high share premium as a conduit to route the funds
involved as a 'layering' process, holds that share-premium of Rs.49.5cr is
taxable u/s 68 as unexplained cash credit for AY 2008-09; ITAT considers facts
such as absence of proper valuation report to justify high premium,
relatively weak financials compared to high valuation, issue of shares to
directors at par, discrepancies / abnormal features which indicate that share
issue was “made up” to camouflage the real purpose/intention of routing
money; Relying on Calcutta High Court ruling in Pragati Financial
Management Pvt. Ltd. Vs. CIT, ITAT holds that share capital addition can be
made u/s 68 since the initial onus was not discharged by the assessee;
Also, rejects assessee's reliance on Delhi ITAT ruling in ACIT Vs. NRA Iron
& Steel Pvt. Ltd., wherein funding was raised from multiple investors as against
assessee's facts where a single investor was present; On the issue of
jurisdiction, ITAT upholds validity of second re-assessment notice
(issued within 6 days after the first reassessment was dropped) which
resulted in share premium addition, ITAT holds that "since
substantive issue in question was never examined under the proceedings in
the first notice issued on 18.4.2012, the question of change of opinion
does not arise" :ITAT
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