Section 68 not applicable on Acquisition of shares of certain companies by issuance of shares to respective parties of Appellant Company

ITO Vs Anand Enterprises Ltd. (ITAT Kolkata) The issue under consideration is whether the deleting the addition of Rs. 20,07,60,000/- made u/s 68 of the Act by CIT(A) is justified? The brief facts of this issue is that the assessee is a public limited company engaged in the business of trading and investment in shares and securities and the assessee company was incorporated on 30.04.1981. The return of income for assessment year 2012-13 was filed by the assessee on 3 1.3.2013 declaring total income of Rs. Nil. The ld. AO in para 2 of his assessment order in page 1 observed that the details cal...