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No Exempt Income, No 14A Disallowance: ITAT Rejects Addition and Share Capital Challenge
Case Law Details
- Case Name
- DCIT Vs Uma Vinimay Private Limited (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Uma Vinimay Private Limited (ITAT Kolkata)
ITAT Kolkata Upholds Deletion of ₹9.86 Cr Share Capital Addition & Rejects 14A Disallowance – Revenue’s Appeal Dismissed
Assessee, a core investment company of the Rika Group, had received ₹9,85,95,750/- as share capital & premium from 19 subscribers. AO doubted the identity & creditworthiness of the shareholders & treated the entire amount as unexplained cash credit u/s 68. He also disallowed ₹51,123/- u/s 14A despite there being no exempt income.
On appeal, the CIT(A) deleted both additions, & Revenue challenged...
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