Documented Share Capital Transactions Valid Despite Non-Appearance of Subscribers – ITAT Deletes Rs.7.11 Cr Addition

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 ...