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Addition u/s 68 unsustainable as identity and creditworthiness of share subscribing companies proved
Case Law Details
- Case Name
- Manju Credit 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
- 2012-13
- Courts
- All ITAT, ITAT Kolkata
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Manju Credit Pvt. Ltd. Vs ITO (ITAT Kolkata)
ITAT Kolkata held that assessee has discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions. Accordingly, addition made towards share capital and share premium u/s. 68 unsustainable.
Facts- During the assessment proceeding, Ld. AO noted that assessee had introduced Rs.230 lacs in the form of share capital including share premium for which it has issued 4,60,000 shares at a face value of Rs.10/- each with a premium of Rs.40/- each to eighteen different ...
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