CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 2017
Professional Update For the Day: Direct Tax: Share application money received from bogus shareholders, ITO to reopen assessment of such shareholders and not to add the same to the assessee’s income as unexplained cash credit – CIT-1 Vs Gagandeep Infrastructure Pvt. Ltd. (2017 (3) TMI 1263 – Bombay High Court). Lessee can’t claim depreciation on reimbursement …