Case Law Details
Case Name : Savera Commotrade Private Limited Vs ITO (ITAT Kolkata)
Related Assessment Year : 2009-10
Courts :
All ITAT ITAT Kolkata
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Savera Commotrade Private Limited Vs ITO (ITAT Kolkata)
ITAT Kolkata – Addition U/s 68 on Share Capital & Premium of ₹6.99 Cr Deleted; Identity, Creditworthiness & Genuineness Proved
In Savera Commotrade Pvt Ltd (AY 2009-10), the AO treated share capital & share premium of ₹6.99 Cr received from 20 investors as unexplained cash credit u/s 68, alleging lack of compliance & non-appearance of directors. The assessee had furnished complete details of investors including PAN, ITRs, audited financials, bank statements & replies to notices u/s 133(6). The ITAT observed that ...
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