Low Income of Investors Cannot Trigger Section 68 Addition: ₹3.32 Cr Deleted

Quiver Commercial (P) Ltd. Vs ITO (ITAT Kolkata) Share Capital & Premium Fully Supported by Documents—Low Income of Investors Not a Ground for Section 68; Addition of ₹3.32 Cr Deleted The Assessee appealed against NFAC order dated 06.06.2024 confirming the addition of ₹3,32,00,000 u/s 68 on account of share capital and share premium received from 12 subscriber-companies. The original assessment had been reopened u/s 147 and later revised by PCIT u/s 263, resulting in reassessment u/s 143(3)/263. During reassessment, the Assessee filed all primary evidences, including confirmations, b...