Quiver Commercial (P) Ltd. Vs. ITO, Ward 1(2), Kolkata
Case No: ITA No.1700/KOL/2024
Court: INCOME TAX APPELLATE TRIBUNAL “B” BENCH, KOLKATA
Date: 11/19/2025
Parties Involved
appellantQuiver Commercial (P) Ltd.
respondentITO, Ward 1(2), Kolkata
Facts Summary
The assessee, Quiver Commercial (P) Ltd., filed its return of income on 26.08.2009, disclosing a total income of ₹23,411/-. The case was reopened under section 147 of the Act by issuing a notice under section 148 on 28.02.2011. The Assessing Officer (AO) noted that the assessee had raised share capital of ₹8,22,750/- and share premium of ₹3,23,70,250/-. The AO concluded these were bogus as they could not be verified due to the lack of personal attendance by the directors and shareholders. The AO…
Decision in favour of
Assessee
Legal Issues
- 1. Confirmation of addition of ₹3,32,00,000/- by the ld. CIT (A) as made by the ld. AO u/s 68 of the Act in respect of share capital / share premium.
Precedents Relied Upon
2 precedents cited in this judgement.