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No Fresh Share Premium, No Section 68 Addition: ITAT Mumbai
Case Law Details
- Case Name
- Landmark Worldwide Breakthrough Technologies Pvt. Ltd. Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Landmark Worldwide Breakthrough Technologies Pvt. Ltd. Vs DCIT (ITAT Mumbai)
No Fresh Share Premium, No Section 68 Addition: ITAT Deletes ₹1.38 Crore Addition Based on Opening Balance
The Mumbai ITAT deleted an addition of ₹1.38 crore under Section 68, holding that no addition could be made when there was no fresh receipt of share capital or share premium during the relevant assessment year. The AO had treated the amount as unexplained cash credit alleging failure of the assessee to establish identity, creditworthiness and genuineness of investors.
Before the Tribunal, the...
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