Viewmore Enclave Pvt. ltd. vs. ITO, Ward 9(1)

Parties Involved

Facts Summary

The assessee, Viewmore Enclave Pvt. ltd., filed its return of income on 29.03.2013, declaring total income at ₹nil. The case was selected for scrutiny through CASS for large share premium. The assessee provided details of investors who subscribed to the share capital of the company. Despite summons being issued to the directors for personal attendance and to produce the source of investments, there was no compliance. Consequently, the Assessing Officer (AO) treated the amount of share capital/share premium as unexplained cash credit and added it to the income of the assessee. In the appellate proceedings, the Commissioner of Income Tax (Appeals) [CIT(A)] confirmed the addition, noting that the assessee did not provide all required documents and did not move an application for admission of additional evidences under Rule 46A.…

Legal Issues

• 1. General issue raised in ground no.1
• 2. Confirmation of addition of ₹1,13,00,000/- by the CIT(A) under section 68 of the Act in respect of share capital/share premium

Judgment Outcome

Decided in favour of Assessee.

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