Section 68 Cannot Be Invoked Merely for Non-Appearance of Share Subscribers on Presumptions

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, addresses, PANs, confir...