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Section 68 not applies to Swapping of shares
Case Law Details
- Case Name
- ITO Vs Saffron Comtrade Pvt. Ltd. (ITAT Kolkata)
- 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 Kolkata
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ITO Vs Saffron Comtrade Pvt. Ltd. (ITAT Kolkata)
The issue under consideration is that Whether the ld. CIT(A) was correct in deleting the addition made u/s 68?
The company decided to raise its capital by issue of 15325 equity shares by issue of shares of Rs. 10/- each at a premium price of Rs. 1990/- each. The share subscribing company, namely, M/s Jyotika Commercial Pvt. Ltd, who agreed to subscribe 15325 shares of Rs. 10/- each at a premium of Rs. 1990/- each. As per terms of agreement the assessee company agreed to allot 15325 shares of Rs. 10/- with premium of Rs.1990/- each to Jyotika com...
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