Dismissing the appeal of the revenue the Tribunal held that the share applicant had enough funds to subscribe to shares hence addition cannot be made merely on the ground that share applicant did not appear in response to summons. (AY.2012-13)
ACIT v. Nirnidhi Marketing Pvt. Ltd. (2021) 85 ITR 297 (Kol.)(Trib.)
S. 68 : Cash credits-Share application moneys-Shares issued at premium-Share applicant had enough funds to subscribe to shares-Addition cannot be made merely on the ground share applicant did not appear in response to summons. [S.131]