No Exempt Income, No 14A Disallowance: ITAT Rejects Addition and Share Capital Challenge

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...