Subscribers Affirms Investments in Equity shares of company, Explains Source of Funds: ITAT deletes addition of Rs. 57.5 crores u/s 68 [Read Order]

Subscribers have affirmed these investments in the equity shares of the assessee company and even explained the source of the funds.
ITAT Kolkata - ITAT deletes addition - ITAT updates - Section 68 of Income Tax Act - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 57.5 Crores under Section 68 of Income Tax Act, 1961 after the subscribers affirmed their investments in equity shares of the company and explained the source of funds. The revenue- assessee Income Tax Officer, Wd-1(4) Kolkata filed its…

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