Section 68 Addition for mere Non-Compliance to Summons: ITAT Kolkata

Goldmoon Exports Private Limited Vs ITO (ITAT Kolkata) Section 68 Share Capital Addition Deleted—Non-Compliance to Summons Alone Cannot Justify Addition (AY 2012-13) The Kolkata ITAT (B Bench) allowed the appeal of Goldmoon Exports Pvt. Ltd. for AY 2012-13 and deleted the addition of ₹3.79 crore made under section 68 on account of share capital and share premium. The Tribunal held that: The assessee had furnished complete documentary evidence to establish identity, creditworthiness and genuineness of the 14 subscribing companies, including PANs, ITRs, audited financials, bank statements a...