ITAT Orders Fresh Review of Share Premium Addition After Error in Applying Venture Capital Exemption

ACIT Vs Sanghvi Beauty And Technologies Private Limited (ITAT Pune)

The Revenue filed an appeal and the assessee filed a cross-objection against the order of the CIT(A), Pune-12 dated 09.07.2024, which arose from an assessment order passed under section 143(3) for Assessment Year 2020-21. The assessee, a private limited company engaged in beauty, wellness, and hospitality services, had filed a return declaring a loss of Rs. 33,65,16,728. During scrutiny, the Assessing Officer (AO) observed foreign and domestic investments of Rs. 169.73 crore and noted that shares were issued based

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