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ITAT Deletes Addition of share capital & premium: AO Fails to Cite Investments Outside Books
Case Law Details
- Case Name
- ITO Vs Direct Trading Co. P. Ld. (ITAT Delhi)
- 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 Delhi
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ITO Vs Direct Trading Co. P. Ld. (ITAT Delhi)
The Income Tax Appellate Tribunal (ITAT) Delhi heard an appeal filed by the revenue against the order of the CIT(A)-3, Delhi, dated 05.05.2017, concerning the assessment year 2012-13. The primary contention of the revenue was related to the deletion of additions made by the Assessing Officer (AO) on account of unexplained share capital, share premium, and unexplained investment.
AO’s Findings
The AO observed that the assessee had received a share premium of Rs. 2,03,40,000 from various entities. The AO sought justification for the share premi...
