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Low Income of Investors Cannot Trigger Section 68 Addition: ₹3.32 Cr Deleted
Case Law Details
- Case Name
- Quiver Commercial (P) Ltd Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Kolkata
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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...
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