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Case Law Details

Case Name : ITO Vs Pansu Commercial Pvt. Ltd. (ITAT Kolkata)
Related Assessment Year : 2012-13
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ITO Vs Pansu Commercial Pvt. Ltd. (ITAT Kolkata)

We hold that the ld. AO had erroneously invoked the provisions of section 68 of the Act, to the facts of the assessee`s case, which, in our considered opinion, are not at all applicable herein. This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. Hence, we hold that provision of section 68 of the Act are not applicable in the inst

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