Addition for Share Capital & Premium without Complete investigation & Application of mind: ITAT Directs Re-adjudication

Goldline Dealers Pvt Ltd Vs ITO (ITAT Kolkata) Addition for Share Capital & Premium without Complete investigation & Application of mind: ITAT Directs Re-adjudication The case revolves around the addition of Rs. 4,70,26,000/- by the ITO under Section 68 of the Income Tax Act. The ITO raised concerns about the identity, creditworthiness, and genuineness of the transaction involving the issuance of fresh paid-up share capital, leading to the addition. The assessee, however, claimed that their tax consultant failed to communicate important notices and orders, leading to the appeal being d...