Additions u/s 68 merely for not producing directors of investment companies is not sustainable

ITO Vs BSNI Commercial Pvt. Limited (ITAT Kolkata)

At the outset, we find that the assessee had received share capital of Rs. 57,900/- from six shareholders and Rs. 2,88,92,100/- from the very same shareholders towards share premium. The share capital received by the assessee has been duly accepted by the ld. AO within the ken of section 68 of the Act. However, s

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