Failure to explain Large Share Premium received: ITAT upholds addition

Failure to explain Large Share Premium received - ITAT upholds addition - TAXSCAN

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) upheld the addition made by the lower authority due to failure to explain the large share premium received. The assesee Timely Commercial P. Ltd.’s assessment order was passed under Section 144 of the Income Tax Act,1961. Subsequently, the assessee’s case was selected for scrutiny. The Assessing…

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