Non-appearance of directors cannot form sole basis for Section 68 addition

Sati Promoters Pvt. Ltd Vs ITO (ITAT Kolkata) The case of Sati Promoters Pvt. Ltd. vs. Income Tax Officer (ITO) was a crucial judgment delivered by the Income Tax Appellate Tribunal (ITAT) Kolkata. The appeal revolved around the addition of Rs. 1,98,00,000 made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961. The addition was primarily based on the alleged non-genuineness of share capital/share premium received by the assessee due to the non-production of directors from subscribing companies. This article provides a detailed analysis of the case, the arguments presen...