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) & Durga Prasad M...