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Tribunal sets aside addition of Rs.115 Cr relating to share premium received from foreign investors
Case Law Details
- Case Name
- Raw Pressery Private Limited Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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Raw Pressery Private Limited Vs ACIT (ITAT Mumbai)
Conclusion: Addition made by the lower authorities to the extent of opening balance of share premium of Rs.63,32,28,987/- u/s 68 in AY 2018-19 was unjustified as share premium received in earlier years had already been examined and verified in the income-tax assessments framed u/s 143(3) and the explanation furnished by assessee had been accepted. The remaining addition to the extent of Rs.48,21,36,180/- being the share premium received from foreign investors was set aside back to the file of the AO/NFAC for de-novo assessment in respect of ...
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