Case Number: ITA 105/DEL/2021
Appellant: Mantram Commodities Private Limited, Faridabad
Respondent: ITO Ward-1(5), Faridabad
Assessment Year: 2016-17
Date of Filing: 2021-02-09
Order Type: Final Tribunal Order
Date of Order: 2022-04-25
Pronounced on: 2022-04-25
The appeal by Mantram Commodities Private Limited is aimed at contesting the addition of Rs.48,00,000 under Section 68 of the I.T. Act, arguing the legitimacy of the share premium received during the assessment year 2016-17.
The tribunal evaluated the following critical aspects:
The tribunal’s detailed scrutiny led to the confirmation of the addition under Section 68, emphasizing the importance of substantiating share premiums with solid business valuation. The decision underscores the rigorous standards required to establish the genuineness of financial transactions in corporate dealings.
“Order pronounced in the open court on 25th April, 2022.”
Signed by:
R.K. PANDA
Accountant Member
Date: 25/04/2022
Manage the increasing number of hearings effortlessly by leveraging the legal AI revolution We are India's Leading revolutionary AI-powered legal platform where you can get enough insights into top cases and judgements.
Research Platform