ITAT Kolkata deletes Addition for Share Capital of Rs. 1.54 Crore

ITO Vs Axisline Investment Consultants Pvt. Ltd. (ITAT Kolkata) The case of ITO vs. Axisline Investment Consultants Pvt. Ltd. before the ITAT Kolkata pertained to the Assessment Year 2012-13, where the Revenue contested the deletion of an addition of Rs. 1,54,00,000/- under section 68 of the Income Tax Act. The addition was made by the Assessing Officer (AO) on the grounds that the assessee company failed to substantiate the identity, genuineness, and creditworthiness of its share subscribers. Axisline Investment Consultants Pvt. Ltd., in its first year of incorporation, reported receiving sha...