ITAT Cochin Remands Share Capital Addition: Section 68 Invoked Without Notice

E T Devassy & Sons Finance Pvt. Ltd. Vs DCIT (ITAT Cochin) Cochin ITAT has set aside the order of CIT(A) & restored the matter for fresh adjudication, holding that the appellate authority had erred in invoking section 68 without confronting Assessee, despite the assessee furnishing evidence of source of funds. Assessee, a non-banking finance company, had filed its return of income for AY 2017-18 declaring income of ₹9,21,690/-. The case was selected for scrutiny & assessment was completed u/s 143(3) on 30.12.2019 determining total income at ₹76,16,170/-, making an addition of...