ITAT deletes Addition for share application/premium received

A.G. Ferro Cast P Ltd Vs ITO (ITAT Kolkata) A perusal of the assessment order reveals that the order of the Assessing Officer is short and cryptic wherein no reasoning has been given as to why the Assessing Officer has treated the share application/share premium received from one party M/s Lagan Vincom Pvt. Ltd. as unexplained cash credit, whereas, the share subscription from other parties including from the another corporate entity M/s Mayfair Commotrade Pvt. Ltd. which was also subscribed to 50000 shares of the assessee company at a face value of Rs.10/- each and along with share premium of ...