ITAT Upholds Share Premium Addition: Assessee Fails to Explain Transactions

Ideal Vyapaar Pvt Ltd Vs ITO (ITAT Kolkata) In the case of Ideal Vyapaar Pvt Ltd vs. Income Tax Officer (ITO), Kolkata, the Income Tax Appellate Tribunal (ITAT) upheld the addition of share premium as the assessee failed to adequately explain the transactions in question. The appeal was filed by the assessee against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NFAC), Delhi. The order was passed against the assessment order by the Income Tax Officer (ITO), Ward-6(2), Kolkata under section 143(3) of the Income-tax Act, 1961 for the Assessment Y...