Share Capital from Promoters Cannot Be Added as unexplained Without Evidence: ITAT Kolkata

Exotica Enclave Pvt. Ltd. Vs ITO (ITAT Kolkata) Share Capital from Promoters Cannot Be Added Without Evidence — ITAT Kolkata Deletes ₹55 Lakh Section 68 Addition The Kolkata Bench of the ITAT allowed the appeal of Exotica Enclave Pvt. Ltd. for AY 2012-13 and deleted the addition of ₹55 lakh made under section 68 towards alleged unexplained share capital. The assessee, a real-estate company of the Goel Group, had raised ₹60 lakh from four promoter-group subscribers. Though full details such as ITRs, bank statements, audited financials and personal appearance under section 131 were furni...