Creditworthiness of Share Subscriber Companies Proven: ITAT deletes Addition of Unexplained Share Application Money under Income Tax Act [Read Order]

The Tribunal held that CIT(Appeals) erred in confirming the action of the Assessing Officer making the addition under section 68 of the Income Tax Act, 1961
ITAT kolkata - share companies - ITAT deletes unexplained shares - share application money - income tax act - taxscan

The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of unexplained share application money under the Income Tax Act, 1961 as the creditworthiness of share subscriber companies was proven. M/s. Wisley Real Estate Pvt. Ltd, the assessee is a Private Limited Company engaged in business and e-filed the return…

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