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ITAT Deletes Section 68 Addition as No Share Capital Was Received During the Year
Case Law Details
- Case Name
- EPS Financial Services Pvt. Ltd. Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Kolkata
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EPS Financial Services Pvt. Ltd. Vs ITO (ITAT Kolkata)
The assessee filed appeals for Assessment Years 2016-17 and 2019-20 against orders of the National Faceless Appeal Centre. The Tribunal considered separate issues for each assessment year and ultimately allowed both appeals.
Assessment Year 2016-17
The first issue concerned an addition of ₹2,25,55,000 made under Section 68 on account of alleged unexplained share capital and share premium received from M/s Himalaya Vyapaar Pvt. Ltd. and M/s Maroon Infrastructure Pvt. Ltd.
The assessee, a Non-Banking Financial Company (NBFC), had filed its...
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