Section 68 Addition Deleted for NRI Share Capital & premium via Banks: ITAT Delhi

DCIT Vs Bits N Bytes Pvt. Ltd (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi, in a recent ruling, has upheld the deletion of an addition made by the Assessing Officer (AO) under Section 68 of the Income-tax Act, 1961, concerning share premium received by Bits N Bytes Pvt. Ltd. from non-resident investors. The appeal, filed by the Deputy Commissioner of Income Tax (DCIT), challenged the decision of the National Faceless Appeal Centre (NFAC), which had favored the assessee. Bits N Bytes Pvt. Ltd. is a company engaged in developing vehicle tracking systems and related services, targeting...