Share Capital/Premium amount cannot be added twice in payees & recipients’ hands u/s 68

Shreenath Holding Pvt. Ltd Vs ITO (ITAT Kolkata)

In the case of Shreenath Holding Pvt. Ltd vs. ITO, the Income Tax Appellate Tribunal (ITAT) Kolkata delivered a significant ruling on the issue of share capital additions under Section 68 of the Income Tax Act, 1961. This case highlights the complexities involved in determining the genuineness of share capital transactions and the tax implications thereof. The decision, rendered for the Assessment Year 2012-13, provides clarity on how such transactions should be treated when they have already been assessed in the hands of the share a

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