ITAT deletes addition for amount received from Mauritius entity towards issue of Shares

Usekiwi Infolabs Private Limited Vs ITO (ITAT Delhi) The facts clearly shows that assessee has got an investment from Kstart LLC, Mauritius as a contribution towards issue of 20,000 compulsorily convertible preference shares having face value of ₹ 10 each at a premium of ₹ 827.50 per share. For this proposition the bank account of K start LLC with Deustch bank account number 02 MCR502499 shows that a sum of US dollar 2,45,962.54 were transferred on 3 February 2016 in the bank account of the assessee company. On the same date of there was a capital contribution of US$ 260,000 in the same ba...