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Additions u/s 68 merely for not producing directors of investment companies is not sustainable
Case Law Details
- Case Name
- Income Tax Officer Vs BSNI Commercial Pvt. Limited (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-2013
- Courts
- All ITAT, ITAT Kolkata
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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, share premium component has been doubted by the ld. AO. We find that the assessee in the instant case had duly complied with by furnishing the complete details of share subscribers to prove their identity, genuineness o...
