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ITAT Delhi Deletes Over ₹1112 Cr Additions: Fresh Share Allotment Not Covered by Section 56(2)(viia)
Case Law Details
- Case Name
- Enormous Nivesh Pvt. Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-19
- Courts
- All ITAT, ITAT Delhi
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Enormous Nivesh Pvt. Ltd. Vs ACIT (ITAT Delhi)
ITAT Delhi Deletes Over ₹1112Cr Additions: Fresh Share Allotment Not Covered by s.56(2)(viia)-Suspicion on Debtors Unsustainable; Delhi Tribunal allowed Assessees’ appeals by deleting massive additions made u/s 56(2)(viia) & on account of sundry debtors.
Background:
Both assessees filed returns for AY 2015-16 showing meagre incomes. The AO, in scrutiny assessments u/s 143(3), made huge additions:
Enormous Nivesh Pvt. Ltd. – ₹383.79 Cr (Bhartiya Hotels shares), ₹195.52 Cr (Dunlop Properties shares) & ₹89.29 lak...
Author Info
