Share application money received in prior years cannot be added in current assessment year

Ekalavya Gift Gaileries Private Limited Vs ITO (ITAT Delhi) These appeals by Ekalavya Gift Galleries Pvt. Ltd. were filed before the Income Tax Appellate Tribunal (ITAT), Delhi, against the orders of the Commissioner of Income Tax (Appeals) / National Faceless Appeal Centre (NFAC), Delhi, dated 15 March 2024, for Assessment Years (AYs) 2016–17 and 2017–18. Since both appeals involved similar issues, the Tribunal heard them together and issued a common order, taking AY 2016–17 as the lead case. Background and Assessment Proceedings The assessee’s return was initially processed under se...