Legitimacy of Income Not Established when Investment made from Share Premium Without Noticeable Business Activity: Calcutta HC [Read Order]

Legitimacy of income not established when investment made from share premium without noticeable business activity, rules Calcutta HC
Calcutta high court - Business activity and share premium investment - business activities - TAXSCAN

The Calcutta High Court observed that the legitimacy of income not established when investment made from share premium without noticeable business activity. The assessee filed the return of income disclosing a total income of Rs. NIL. The return was processed under Section 143(1) of the Income Tax Act. Subsequently, the case was selected for scrutiny…

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