ITAT Pune: Reopening After 4 Years Invalid When Share Premium Details Already Disclosed – Rs. 30 Cr Addition u/s 68 Deleted

ACIT Vs Prasanna Purple Mobility Solutions Private Limited (ITAT Pune) ITAT Pune: Reopening After 4 Years Invalid When Share Premium Details Already Disclosed – Rs. 30 Cr Addition u/s 68 Deleted The assessee company Prasanna Purple Mobility Solutions Pvt. Ltd. issued equity shares during AY 2011-12 at a premium of ₹1,584 per share, receiving about ₹30 crore from investors including Rainbow Ventures Ltd. (Mauritius) and Ambit Pragma Fund. The AO reopened the completed assessment and treated the entire share capital and premium as unexplained cash credit u/s 68, alleging lack of creditwort...