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Documented Share Capital Transactions Valid Despite Non-Appearance of Subscribers – ITAT Deletes Rs.7.11 Cr Addition
Case Law Details
- Case Name
- Caravan Corporate Management Pvt. Ltd. Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Kolkata
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Caravan Corporate Management Pvt. Ltd. Vs ITO (ITAT Kolkata)
Non-Appearance of Subscribers Cannot Invalidate Documented Share Transactions- ITAT Kolkata Deletes ₹7.11 Cr Share Capital Addition
Assessee challenged the order of CIT(A), NFAC, confirming addition of ₹7.11 crore u/s 68 as unexplained cash credit towards share capital & premium.
AO had framed assessment u/s 144 alleging that Assessee failed to establish the identity, creditworthiness, & genuineness of 10 share subscribers who had invested ₹7.11 crore at a premium of ₹990 per share. AO relied mainly on non-appearance ...
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