Sri.v.Narasimhan v. Smt.R.Sharada
Case brief
What is this about?
The Appellate Tribunal held that share premium received from shareholders is not a deemed dividend. It further held that the addition for unexplained investments was invalid as the Assessing Officer failed to establish that the transactions were bogus or that the income was undisclosed.
What did the court decide?
Appeal allowed. Assessments set aside.