ITAT Confirms Additions Only for Unknown Shareholders, Deletes Others

Pato Builders Pvt. Ltd Vs ACIT (ITAT Ranchi) The Income Tax Appellate Tribunal (ITAT), Ranchi Bench, delivered a partial verdict in the appeal filed by Pato Builders Pvt. Ltd. against the order of the Commissioner of Income Tax (Appeals), Jamshedpur, concerning the Assessment Year (AY) 2012-13. The appeal raised four primary issues related to additions and disallowances made by the Assessing Officer (AO). Issue 1: Disallowance of Share Application Money The central and most significant issue in the appeal involved the disallowance of $1,00,56,000/- received by the assessee company as share a...