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ITAT Rajkot Upholds Sec 263; Failure to Verify Share Capital Source of Source Makes Order Erroneous
Case Law Details
- Case Name
- Hollis Vitrified Pvt. Ltd. Vs PCIT (ITAT Rajkot)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Rajkot
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Hollis Vitrified Pvt. Ltd. Vs PCIT (ITAT Rajkot)
ITAT Rajkot Upholds Sec 263 Revision – Failure to Verify Share Capital Source of Source Makes Assessment Order Erroneous
In Hollis Vitrified Pvt. Ltd. vs PCIT (AY 2018-19), the ITAT Rajkot dismissed the assessee’s appeal and upheld revisionary action u/s 263, holding that the original assessment was passed without proper enquiry into share capital, share premium and unsecured loans. The PCIT noticed that the company had received ₹10.15 crore from about 30 investors, many having very low declared income and insufficient financial capacity, ...
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