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ITAT deletes addition for share capital and share premium of Rs. 1.26 Crore
Case Law Details
- Case Name
- Wellman Logistics Pvt. Ltd Vs ACIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Kolkata
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Wellman Logistics Pvt. Ltd Vs ACIT (ITAT Kolkata)
In the case of Wellman Logistics Pvt. Ltd vs. ACIT (ITAT Kolkata), the Income Tax Appellate Tribunal (ITAT) considered the appeal regarding an addition of Rs. 1.26 crore under Section 68 of the Income Tax Act, 1961. This addition pertained to the share capital and share premium received by Wellman Logistics Pvt. Ltd from nine companies. The Assessing Officer (AO) had raised concerns about the creditworthiness of these companies and deemed the amount unexplained, thus invoking Section 68 for taxation.
The core contention before ...
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