The ITAT ruled on the addition u/s 68 of share capital/premium ...

Addition u/s 68 was deleted for share capital from dummy entities. Assessee part of RPS Group. Source accepted after scrutiny.

June 7, 2024

Case Laws     Income Tax     AT

The ITAT ruled on the addition u/s 68 of share capital/premium from three dummy entities related to RPS Group. The addition was substantive for RPS Group and protective for the assessee, a group company. The Tribunal considered assessment orders of the entities investing in the assessee, finding their sources acceptable. The Tribunal held that the assessee met the burden u/s 68, as the investing entities' assessments were accepted, supporting the legitimacy of the investments. The decision favored the assessee, upholding the CIT(A)'s findings.

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