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ITAT Kolkata deleted ₹9.32 crore addition on alleged bogus share sales
Case Law Details
- Case Name
- Superdeal Resources Pvt. Ltd. Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Kolkata
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Superdeal Resources Pvt. Ltd. Vs ITO (ITAT Kolkata)
₹9.32 Cr Bogus Share Sale Addition Quashed- Human Probability Can’t Override Evidence – ITAT Kolkata Strikes Down Addition on Share Sale
The dispute revolved around the confirmation of addition of ₹9.32 crore by AO u/s 68 read with section 115BBE, treating the proceeds from sale of unlisted shares as unexplained cash credits.
Assessee had filed its return of income declaring merely ₹1.94 lakh. During scrutiny, AO concluded that Assessee was not engaged in genuine business activity & that the sale of investments was only a facade...
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