ITAT justified sec. 68 additions as shares issued at huge premium were subscribed to by persons having nominal income

IT: Where Assessing Officer made addition to assessee's income on ground that share application and share premium money received by assessee was unexplained cash credit under section 68, in view of fact that assessee could not produce share applicants and, moreover, there was no justification at end of assessee to demonstrate that shares could be subscribed at such a high premium that too by persons who had very nominal income, impugned addition was to be confirmed

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