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Share Capital & Premium Can’t Be Added Solely for Non-Appearance of Investors: ITAT Kolkata
Case Law Details
- Case Name
- Silkina Commodeal Pvt. Ltd. Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Kolkata
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Silkina Commodeal Pvt. Ltd. Vs ITO (ITAT Kolkata)
ITAT Kolkata Deletes ₹21.39 Cr Section 68 Addition—Share Capital & Premium Cannot Be Added Solely for Non-Appearance of Investors
The Kolkata Bench of the ITAT allowed the appeal of Silkina Commodeal Pvt. Ltd. for AY 2008-09 and deleted the addition of ₹21.39 crore made under section 68 on account of share capital and share premium. The Tribunal held that once the assessee has furnished all primary evidences to establish the identity of shareholders, their creditworthiness, and the genuineness of transactions, an addi...
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