ITAT Delhi Deletes Over ₹1112 Cr Additions: Fresh Share Allotment Not Covered by Section 56(2)(viia)

Enormous Nivesh Pvt. Ltd. Vs ACIT (ITAT Delhi) ITAT Delhi Deletes Over ₹1112Cr Additions: Fresh Share Allotment Not Covered by s.56(2)(viia)-Suspicion on Debtors Unsustainable; Delhi Tribunal allowed Assessees’ appeals by deleting massive additions made u/s 56(2)(viia) & on account of sundry debtors. Background: Both assessees filed returns for AY 2015-16 showing meagre incomes. The AO, in scrutiny assessments u/s 143(3), made huge additions: Enormous Nivesh Pvt. Ltd. – ₹383.79 Cr (Bhartiya Hotels shares), ₹195.52 Cr (Dunlop Properties shares) & ₹89.29 lakh (sundry debtors...