Share capital/premium cannot be added to income for mere non-compliance of summons by subscribers

Nano Infra Promoters Pvt Ltd Vs ITO (ITAT Kolkata) The case of Nano Infra Promoters Pvt Ltd vs ITO at the ITAT Kolkata delves into the issue of whether receipts by a taxpayer can be added to its income under section 68 of the Income Tax Act solely due to non-compliance with summons issued under section 131. In this case, the assessee, Nano Infra Promoters Pvt Ltd, contested the addition of Rs. 1.21 Crore to its income by the Assessing Officer (AO) on account of share capital/share premium being treated as unexplained cash credit under section 68 of the Income Tax Act. The AO’s basis for ...