ITAT Deletes Rs.31 Cr Addition: No Fresh Material to Disprove Genuine Investments

Alco Suppliers Private Limited Vs National Faceless Assessment Center (ITAT Kolkata) Mechanical Reliance on Investigation Report – ITAT Allows NBFC’s Appeal & Deletes Entire ₹31 Cr u/s 68 Addition- No Fresh Material, No Addition – Kolkata ITAT Raps Department for Inconsistent Stand on Identical Facts – Once Accepted Always Genuine – ITAT Deletes ₹31 Cr Addition on Sale of Investments from NCLT-Approved Merger In this case, Assessee, a registered NBFC, sold unlisted equity shares of 16 private companies during AY 2022-23 for ₹31.28 crore. AO treated the sale proceeds as ...