Section 68 Addition cannot be made without proper enquiry by AO

DCIT Vs Senorita Enterprises Pvt. Ltd. (ITAT Delhi)

Conclusion:

Addition under section 68 on account of high premium was unjustified as there was a clear lack of inquiry on the part of AO once assessee had furnished all the relevant material.

Held:

AO asked the reason for charging high premium @Rs.240/- per share from assessee. Assessee filed documents alongwith confirmations of shareholders, bank statement, ITR acknowledgeme

Please become a Premium member. If you are already a Premium member, login here to access the full content.