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Section 68 Addition Deleted After Investors Prove Identity, Genuineness and Creditworthiness
Case Law Details
- Case Name
- Talentube Entertainment Pvt. Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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Talentube Entertainment Pvt. Ltd. Vs ITO (ITAT Mumbai)
DCF Valuation Not Questioned, Section 68 Can’t Be Mechanical: ITAT Mumbai Upholds Deletion of ₹4.25 Cr Share Premium Addition
Mumbai ITAT partly allowed the assessee’s appeal and dismissed the Revenue’s appeal in a case involving share capital & share premium additions u/s 68.
The assessee had issued shares at a high premium based on DCF valuation and received investments from 15 shareholders. The AO made an addition of ₹5 crore u/s 68, doubting the creditworthiness of investors, though no adverse finding w...
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