Case Law Details
SVM Builders Pvt. Ltd. Vs DCIT (ITAT Indore)
Held that addition u/s 68 unsustainable as all the necessary documentary evidences in support of genuineness of share capital submitted by the assessee.
Facts-
Post search operations, AO framed the assessment on 30-01-2015 u/s. 153A r.w.s. 143(3) of the Act determining the total income of the assessee at Rs.7,50,00,000/- as against the Returned Income of Rs. Nil thereby making an addition of Rs. 7,50,00,000/-. The entire addition was made u/s. 68 of the Act, on account of share capital and share premium receipts, claimed to have been made by the assessee company, during the relevant previous year.
CIT(A) deleted the addition by giving the finding that AY under consideration being a non-abated year, no addition could have been made without having recourse to any incriminating document found during the search. Being aggrieved, the present appeal is filed before ITAT.
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