ITAT Pune deletes addition for share capital & share premium

By Editor4 Income Tax Judiciary September 9, 2021

Case Name: DCIT Vs Mahalaxmi TMT Pvt. Ltd. (ITAT Pune)
Appeal Number: Only available for paid members
Date of Judgement/Order: Only available for paid members
Related Assessment Year: 2010-11
Courts: All ITAT, ITAT Pune

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Advertisement DCIT Vs Mahalaxmi TMT Pvt. Ltd. (ITAT Pune) AO found that the assessee company was established dated 10 August 2004 i.e. during the financial year 2004-05 corresponding to the assessment year 2005-06 and it did not carry out any business activity till the year under consideration. Conversely, it has issued shares at a premium of ₹ 90 per share aggregating to ₹ 36 crores as well as it has received share application money for the amount as discussed above. Accordingly, the AO had a doubt on the genuineness of the share capital, share premium and share application money and �...

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