Madras HC justified Sec. 68 additions as huge share capital of assessee had been routed through only two paper Cos

INCOME TAX : Where Assessing Officer noted that share capital of assessee-company had been routed through two companies, existence and operation of which remained only on paper and enquiries conducted showed that intermediary companies acted as conduits and huge amount were brought in assessee's books as share application money through intermediary companies by shareholders,

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