Case Law Details
BST Infratech Ltd. Vs DCIT (ITAT Kolkata)
The case of BST Infratech Ltd. Vs DCIT heard by the ITAT Kolkata revolves around the addition of Rs.14,63,00,000 under Section 68 of the Income Tax Act. The appeal was filed by BST Infratech Ltd. against the order of the Commissioner of Income Tax (Appeals)-11, Kolkata.
Background and Grounds of Appeal
BST Infratech Ltd. challenged the addition of Rs.14,63,00,000 made by the Assessing Officer (AO) and confirmed by the CIT(A). The amount represented share capital and share premium received from various share applicants. The assessee contended that all necessary documents proving the identity and creditworthiness of the share applicants and the genuineness of the transactions were provided. The share applicants were assessed to income tax, and the funds were received through proper banking channels.
Assessment Proceedings
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