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Share Premium Addition Removed as ITAT Finds No Cross-Examination of Alleged Entry Operator
Case Law Details
- Case Name
- M.K. Sons Fine Jewels Pvt. Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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M.K. Sons Fine Jewels Pvt. Ltd. Vs ITO (ITAT Mumbai)
ITAT Deletes Section 68 Addition Because Assessee Furnished Complete Share Capital Evidence; ITAT Quashes Rs.3 Crore Addition Because Revenue Relied Only on Suspicion and Investigation Inputs; Section 68 Addition Deleted Because Non-Compliance of Summons Alone Was Held Insufficient; ITAT Holds High Share Premium Cannot Be Taxed for AY 2012-13 Without Specific Statutory Provision.
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal filed by the assessee for AY 2012-13 and deleted the addition of Rs...
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