No Section 68 addition for Share Capital Not Received During the Year

Jai Bhola Trading Co. Pvt. Ltd. Vs IT Ward 9(3) (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT), Kolkata bench, has set aside an addition of Rs. 1,43,00,000 made to the income of Jai Bhola Trading Co. Pvt. Ltd. under Section 68 of the Income-tax Act, 1961. The addition, initially made by the Assessing Officer (AO) and confirmed by the National Faceless Appeal Centre (NFAC), pertained to share capital and share premium received by the company. The case for Assessment Year 2012-13 began after the assessee filed its return declaring an income of Rs. 4,16,751. The company’s case was sele...