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Section 68 Cannot Be Invoked Merely for Non-Appearance of Share Subscribers on Presumptions
Case Law Details
- Case Name
- Divya Electronics Pvt. Ltd. Vs ITO (ITAT Kolkata)
- 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 Kolkata
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Divya Electronics Pvt. Ltd. Vs ITO (ITAT Kolkata)
Share Capital Addition Deleted Despite Non-Appearance of Subscribers: Section 68 Cannot Be Invoked on Presumptions
The Kolkata Bench of the ITAT allowed the assessee’s appeal for AY 2012-13 and deleted major additions made under Section 68 and on account of alleged inflated expenses.
On the share capital issue, the Tribunal held that the addition of ₹55 lakh towards share capital and premium was unsustainable where the assessee had discharged its initial onus by furnishing complete documentary evidence such as names, addres...
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