Satyanarayan Holdings Pvt. Ltd. vs. ITO, Ward-5(2), Kolkata

Parties Involved

Facts Summary

The assessee, Satyanarayan Holdings Pvt. Ltd., a private limited company engaged in share trading and investment, filed an appeal against the order passed by the Commissioner of Income-tax (Appeal)-10, Kolkata, dated 24.12.2019, which confirmed the addition of Rs.1,64,00,000/- made by the Assessing Officer on account of share capital including share premium under section 68 of the Income Tax Act, 1961. The assessee argued that the addition was wrongly made as they had provided sufficient evidence to prove the identity, creditworthiness, and genuineness of the share applicants. The Tribunal considered the arguments and found that the assessee had successfully discharged its onus, and thus, the addition was deleted.…

Legal Issues

• 1. Whether the Ld. CIT(A) was justified in confirming the addition of Rs.1,64,00,000/- made by the AO on account of share capital including share premium by wrongly invoking the provisions of section 68 of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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