https://www.taxtmi.com/caselaws?id=370251 ITAT Kolkata held that a section 68 addition for share capital and share premium could not be finally sustained where the assessee had not received summons under section 131 and the enquiry was incomplete; the matter was remanded to the Assessing Officer for de novo adjudication after granting adequate opportunity and carrying out proper verification. It further held that a disallowance under section 14A read with rule 8D was untenable because the assessee had no exempt dividend income during the year, so the statutory basis for disallowance did not survive. The appeal thus succeeded to the extent of deletion of the section 14A disallowance, with the section 68 issue sent back for fresh consideration. en-us Fri, 09 Nov 2018 00:00:00 +0530 Wed, 14 Nov 2018 07:13:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370251 ITAT Kolkata held that a section 68 addition for share capital and share premium could not be finally sustained where the assessee had not received summons under section 131 and the enquiry was incomplete; the matter was remanded to the Assessing Officer for de novo adjudication after granting adequate opportunity and carrying out proper verification. It further held that a disallowance under section 14A read with rule 8D was untenable because the assessee had no exempt dividend income during the year, so the statutory basis for disallowance did not survive. The appeal thus succeeded to the extent of deletion of the section 14A disallowance, with the section 68 issue sent back for fresh consideration. Case-Laws Income Tax Fri, 09 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370251