ITAT Mumbai: No Section 68 Addition Merely Because Shareholder Company Struck Off by ROC

Lan Finance Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai: No Section 68 Addition Merely Because Shareholder Company Struck Off by ROC The ITAT Mumbai held that Section 68 addition cannot be made merely because a shareholder company is struck off by the Registrar of Companies (ROC), especially when no fresh credit arises during the relevant year. In this case, the assessee (NBFC) had share capital from a company whose name was later struck off by the ROC. The AO treated the amount (₹56.7 lakh) as unexplained credit solely on this ground. The Tribunal observed: No fresh amount was receiv...