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Sec 68 Addition on Share Capital & Premium Deleted: No AO Enquiry; High Premium Not Enough – ITAT Kolkata
Case Law Details
- Case Name
- Suprersmelt Industries Pvt. Ltd Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Kolkata
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Suprersmelt Industries Pvt. Ltd Vs ITO (ITAT Kolkata)
Share Capital & Premium Addition u/s 68 Deleted – Documentary Evidence Ignored & No Enquiry by AO – High Premium Alone Not Ground for Addition – ITAT Kolkata
ITAT Kolkata deleted addition of ₹6.56 Cr u/s 68 towards share capital/share premium holding that assessee furnished complete evidences including confirmations, ITRs, audited financials & bank statements proving identity, creditworthiness & genuineness of subscribers. Tribunal observed that AO made addition merely on general allegations of accommodation entry an...
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