Share Capital Proved, Mere Non-Appearance Not Enough – ITAT Upholds Deletion of ₹1.93 Cr u/s 68

ITO Vs SGS Fashion Private Limited (ITAT Kolkata)

Revenue filed appeal with 63 days delay, which was condoned. The only issue was deletion of ₹1,93,50,000/- added u/s 68 towards share capital & share premium.

Assessee had issued 1,93,500 equity shares of ₹10 each at premium of ₹90 to four investor companies. During scrutiny, AO issued notices u/s 143(2), 142(1) and also issued summons u/s 131 to the director, who could not appear due to medical reasons. AO held that Assessee failed to prove identity, creditworthiness & genuineness, relied on Sumati Dayal (SC) &

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