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Section 68 Deletion Set Aside for Lack of Speaking Findings on Genuineness: ITAT Mumbai
Case Law Details
- Case Name
- DCIT Vs Giri Prime Housing Properties Private Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs Giri Prime Housing Properties Private Limited (ITAT Mumbai)
The Revenue appealed against the order of the CIT(A)/NFAC deleting an addition of ₹4.10 crore made under Section 68 of the Income-tax Act, 1961 on account of share capital and share premium received by the assessee from six investor companies. The Assessing Officer (AO), while completing the assessment under Section 143(3), had observed that the assessee had issued shares at a high premium despite having no operational income, no fixed assets and substantial increases in share capital and reserves. After exa...
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