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HC justified reopening of assessment as SUN TV received excess share premium not disclosed in ITR

October 11, 2018[2018] 98 taxmann.com 201 (Madras)
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IT: Completed assessments were sought to be reopened within six years on ground that there were some materials on record and informations with Department that assessee had received money from company SAEHL in name of share subscription along with share premium of Rs.203.98 crores; that assessee had allotted shares to Kalanithi Maran and his wife only at Rs.10 per share without any premium; that share premium invested by SAEHL was clearly excess value received and had to be treated as income of assessee which had not been disclosed in return of income; that high value of share premium with respect to SAEHL was not a genuine transaction; and that details of this transaction was not fully disclosed by assessee whose value was required to be assessed to tax under Section 68 - Held, that reopening of assessment was in accordance with law

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