Savera Commotrade Private Limited Vs. ITO
Case No: ITA No. 1719/KOL/2025
Court: Income Tax Appellate Tribunal 'D' Bench, Kolkata
Date: 2/10/2026
Parties Involved
appellantSavera Commotrade Private Limited
respondentITO, Ward 5(3)
Facts Summary
The assessee, Savera Commotrade Private Limited, filed its return of income on 30.03.2010 showing a loss of Rs.184/-. The case was subsequently reopened u/s 147 of the Income-tax Act, 1961. The Assessing Officer (AO) issued notices to the share subscribers and summoned the directors of the shareholding companies. Despite the share subscribers furnishing details including PANs, ITRs, audited financial statements, and bank statements, the AO treated the share capital/share premium of Rs. 6,99,50,0…
Decision in favour of
Assessee
Legal Issues
- 1. Confirmation of addition of Rs. 6,99,50,000/- by the ld. CIT(A) as made by the ld. AO in respect of share capital / share premium by treating the same as unexplained cash credit u/s 68 of the Act.
Precedents Relied Upon
7 precedents cited in this judgement.