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Section 69 Cannot Be Invoked for Recorded Share Investments Merely for Premium Mismatch
Case Law Details
- Case Name
- Airoplast Private Limited Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Airoplast Private Limited Vs ITO (ITAT Mumbai)
Section 69 Cannot Be Invoked for Recorded Share Investments Merely Due to Premium Mismatch: ITAT Mumbai Deletes ₹2.45 Cr Addition
The Mumbai ITAT (“A” Bench) allowed the appeal of Airoplast Pvt. Ltd. for AY 2015-16 and deleted the addition of ₹2.45 crore made under section 69, holding that the foundational conditions for invoking the deeming provision were not satisfied.
The reassessment was initiated on the premise that the assessee had invested ₹2.45 crore in shares of JKM Holdings Pvt. Ltd. at a lower premium than tha...
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