Conversion Of Unaccounted Money Through The Cloak Of Share Capital/Premium Must Be Carefully Scrutinised: SC [Read Judgment]

The Supreme Court has observed that the Assessee is under a legal obligation to prove the receipt of share capital/premium to the satisfaction of the Assessing Officer, failure of which, would justify addition of the said amount to the income of the Assessee. The bench comprising Justice Uday Umesh Lalit and Justice Indu Malhotra observed that the practice of conversion...