Addition cannot be made of share capital received from group companies

ITO Vs RKB Services Pvt. Ltd. (ITAT Kolkata) In this case huge additions were made in the hands of the share allottee companies in their scrutiny assessment u/s 143(3) of the Act. Again making the addition in the case of the assessee company would tantamount to double addition. The Ld. CIT(A) relied on the judgement of the Hon’ble Supreme Court in the case of CIT vs Gyscoal Alloys Ltd. in R/Tax Appeal No. 180 of 2018 for the proposition that addition cannot be made of share capital received from group companies. We find no infirmity in the finding of the Ld. CIT(A). The Ld. DR could not poi...