Section 131 Summons Non-Compliance Not Sufficient for Share Capital Addition u/s 68

Andromeda Communications Pvt. Ltd. Vs ITO (ITAT Kolkata) Kolkata: The Income Tax Appellate Tribunal (ITAT), Kolkata, in the case of Andromeda Communications Pvt. Ltd. versus the Income Tax Officer, has set aside an addition of over ₹1.65 crore made by the Assessing Officer (AO) and upheld by the Commissioner of Income Tax (Appeals) [CIT(A)] concerning unexplained cash credit under Section 68 of the Income Tax Act, 1961. The Tribunal ruled that mere non-compliance with a summons issued under Section 131 of the Act is not a sufficient ground for making an addition when the assessee has otherwi...