ITAT Kolkata deletes addition of Rs. 3 Crore of share capital & share premium

ITO Vs Indus Realty Pvt Limited (ITAT Kolkata) In a recent legal battle that unfolded before the Income Tax Appellate Tribunal (ITAT) Kolkata, the intricacies of procedural delays, contentious additions to share capital under Section 68, and the nuances of Section 56 took center stage. This comprehensive analysis delves into the details of the case, shedding light on the procedural hurdles, the core controversy surrounding the addition of Rs.3,00,00,000 in share capital, and the implications of Sections 68 and 56 in the ITAT Kolkata verdict. Procedural Hurdles: Assessing Officer’s Delaye...