ITAT deletes addition for share capital and share premium of Rs. 1.26 Crore 

Wellman Logistics Pvt. Ltd Vs ACIT (ITAT Kolkata) In the case of Wellman Logistics Pvt. Ltd vs. ACIT (ITAT Kolkata), the Income Tax Appellate Tribunal (ITAT) considered the appeal regarding an addition of Rs. 1.26 crore under Section 68 of the Income Tax Act, 1961. This addition pertained to the share capital and share premium received by Wellman Logistics Pvt. Ltd from nine companies. The Assessing Officer (AO) had raised concerns about the creditworthiness of these companies and deemed the amount unexplained, thus invoking Section 68 for taxation. The core contention before the ITAT was whet...