ITAT Upholds Section 68 Addition for unexplained share capital & premium

ITO Vs Mangalvani Commercial Pvt. Ltd. (ITAT Kolkata) In the case of ITO Vs Mangalvani Commercial Pvt. Ltd., the Kolkata ITAT addressed the addition under Section 68 of the Income Tax Act, 1961, regarding unexplained share capital and premium. Despite the absence of representation from the assessee, the tribunal decided to adjudicate based on available records and arguments from the revenue. The crux of the matter lies in the nature and source of the substantial sum credited to the company’s books as share capital and premium. The Assessing Officer raised concerns regarding the lack of e...