Old Loans Converted into Share Allotment Not Unexplained Money: ITAT Kolkata

Sachdev Steel Pvt. Ltd. Vs ITO (ITAT Kolkata)

In the case of Sachdev Steel Pvt. Ltd. Vs ITO, the Income Tax Appellate Tribunal (ITAT) Kolkata dealt with an appeal filed by the assessee against an order dated January 20, 2023, from the National Faceless Appeal Centre. The appeal challenged the confirmation of an addition of Rs. 2,48,00,000 made by the Assessing Officer (AO), who had treated the share application money received by the assessee as unexplained income under Section 68 of the Income Tax Act.

Background

The Assessing Officer observed during

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