Jewellery Company Received Rs. 21.37 Crore Share Capital at Rs. 190 Premium; ITAT Restores Section 68 Addition Despite Investor Documents | Biz Flow Kit
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that where the Assessing Officer conducts detailed enquiries revealing serious doubts regarding the identity, creditworthiness and genuineness of alleged share subscribers, the protection available under judicial precedents such as Lovely Exports Pvt. Ltd. cannot be mechanically applied. The Tribunal restored an addition of…