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Share capital addition with premium on mere surmises / conjectures unjustified
Case Law Details
- Case Name
- ITO Vs M/s. Sankalp Corporate Services Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs M/s. Sankalp Corporate Services Pvt. Ltd. (ITAT Mumbai)
Conclusion:
Addition under section 68 made by AO of the entire share capital and premium received during the year on the basis of negative observation about availability of funds with share applicant was unjustified as the share applicant was the sister concern of assessee, from whom similar share application with premium were received in the earlier year and the balance sheet of the share applicant showed ample source of funds.
Held:
AO made addition of the entire share capital and premium received during the year u/s 68, trea...
