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ITAT Ahmedabad Quashes ₹2.99 Cr Share Capital Addition – No “Source of Source” for AY 2009-10
Case Law Details
- Case Name
- DCIT Vs Truform Techno Products Pvt. Ltd (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-2010
- Courts
- All ITAT, ITAT Ahmedabad
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DCIT Vs Truform Techno Products Pvt. Ltd (ITAT Ahmedabad)
Rs. 2.99 Cr Share Capital Addition Quashed – AO Cannot Demand Source of Source for A.Y. 2009-10-Loans from Director & Companies Accepted
Revenue filed two appeals against CIT(A)’s orders deleting additions u/s 68 in respect of share capital, share premium & loans, while Assessee filed CO challenging validity of reopening u/s 147.
Assessee had issued 5,99,000 shares of Rs.10 each at a premium of Rs.40, raising Rs.2.99 crore. AO added the entire sum u/s 68, doubting genuineness & creditworthiness of 4 corp...
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