No Section 68 Addition for issue of Shares on Premium in lieu of shares

Blooming Tradelink Pvt. Ltd. Vs ITO (ITAT Kolkata) The sole issue involved in this appeal of assessee is against the action of Ld. CIT(A) in confirming the addition of Rs. 5,01,00,000/- made by AO u/s. 68 of the Income-tax Act, 1961 on account of bogus share capital including share premium. Briefly stated facts as observed by the AO are that in the year under consideration, the assessee has raised share capital including share premium to the tune of Rs.5,01,00,000/-. The AO added back the entire amount of share capital including premium raised treating the same as unexplained cash credit u/s. ...