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Addition u/s 68 Must Match Relevant Year – Premium Deleted, Capital Issue Remanded
Case Law Details
- Case Name
- Aadinath Gems And Jewellers Pvt. Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Mumbai
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Aadinath Gems And Jewellers Pvt. Ltd. Vs ITO (ITAT Mumbai)
Addition u/s 68 Needs Year-Specific Nexus – ITAT Deletes Premium, Sends Back Capital Issue- Fresh Verification Ordered: ITAT Remands Share Application Money Dispute to AO
Assessee, engaged in the business of trading in diamonds, had filed return declaring income of Rs.1.50 lakh. The return was selected for scrutiny & AO noticed that Assessee had raised share application money of Rs.70 lakh & share premium of Rs.6.40 lakh.
In respect of Rs.6.40 lakh, Tribunal noted that the amount was received in F.Y. 2007-08 relevant to A.Y...
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