Mere Absence of Directors at AO Summons Does Not Invalidate Share Premium: Calcutta HC

PCIT Vs Jealous Commercial Private Limited (Calcutta High Court) The Calcutta High Court considered an appeal under Section 260A of the Income Tax Act, 1961 filed by the revenue against the order of the Income Tax Appellate Tribunal (“A” Bench, Kolkata) in ITA No.424/Kol/2020 relating to the assessment year 2012-13 of a company. The appeal concerned the addition of share premium to the income of the assessee under Section 68 of the Act. The Assessing Officer (AO) had raised an addition of Rs.9,00,00,360, representing share capital and share premium received by the assessee from seven share...