ITAT Delhi Upholds Section 68 Addition for Unexplained Share Premium

Ischolar Education Services Pvt. Ltd. Vs DCIT (ITAT Delhi) In the case Ischolar Education Services Pvt. Ltd. vs. DCIT, the Income Tax Appellate Tribunal (ITAT) Delhi Bench dismissed the appeal filed by the assessee against the order passed by the Commissioner of Income Tax (Appeals)-4, New Delhi, dated August 14, 2019. The matter relates to the Assessment Year 2015–16, where the assessee had declared a loss of ₹1.46 crore. However, the Assessing Officer (AO) computed the income at ₹77.73 lakh after invoking Section 68 of the Income Tax Act, 1961, due to unexplained share premium and fail...