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Section 68 Addition for Share Premium Addition Deleted due to Limited Scrutiny Breach
Case Law Details
- Case Name
- Vivasvat Retail and IT Services Pvt. Ltd. Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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Vivasvat Retail and IT Services Pvt. Ltd. Vs ITO (ITAT Delhi)
The appeal was filed against the order of the National Faceless Appeal Centre dated 12.06.2025 arising from an assessment order passed under Section 143(3) for Assessment Year 2016–17. The assessee had filed its return declaring NIL income and deemed income under Section 115JB, which was processed under Section 143(1). The case was selected for limited scrutiny under CASS to verify the large share premium received and the applicability of Section 56(2)(viib).
During assessment, the Assessing Officer (AO) noted that although the as...
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