AO Fails to Probe Evidence, Relies Solely on Non-Production of Directors of Subscribing Companies: ITAT Deletes Section 68 Addition [Read Order]

AO has failed to conduct any further enquiry into these details /evidences and merely relied on the theory of non-production of directors of the subscribing companies
Assessing Officer - ITAT kolkata - tax updates - Income Tax - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the Section 68 addition under Income Tax Act, 1961, noting that the Assessing Officer ( AO ) failed to investigate the evidence and relied solely on the non-production of the directors of the subscribing companies. The assessee, Sati Promoters Pvt Ltd was…

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