Section 68 Addition Deleted as Share Application Money Already Taxed in Subscribers’ Hands: ITAT Kolkata

Virat Tradecom Pvt Ltd Vs ITO (ITAT Kolkata) The ITAT Kolkata allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2012-13, which had confirmed an addition of ₹1,43,35,000 under Section 68 of the Income-tax Act on account of share capital and share premium received by the assessee. The assessee had issued 14,335 equity shares of face value ₹10 each at a premium of ₹990 per share. During scrutiny assessment, the Assessing Officer issued summons under Section 131 to the directors of the shareholder companies to verify the inv...