ITAT Ahmedabad Quashes ₹2.99 Cr Share Capital Addition – No “Source of Source” for AY 2009-10

DCIT Vs Truform Techno Products Pvt. Ltd (ITAT Ahmedabad) Rs. 2.99 Cr Share Capital Addition Quashed – AO Cannot Demand Source of Source for A.Y. 2009-10-Loans from Director & Companies Accepted Revenue filed two appeals against CIT(A)’s orders deleting additions u/s 68 in respect of share capital, share premium & loans, while Assessee filed CO challenging validity of reopening u/s 147. Assessee had issued 5,99,000 shares of Rs.10 each at a premium of Rs.40, raising Rs.2.99 crore. AO added the entire sum u/s 68, doubting genuineness & creditworthiness of 4 corporate & 14 in...