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 Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court

BMR Polymers (P) Ltd. Flat No. 42, Bank Apartments, Plot No. 22, Sector-4, Dwarka, New Delhi vs. ITO Ward-1(3) Gurgaon, Haryana
November, 06th 2020

This appeal is filed by the assessee against the order dated 28/7/2017 passed by CIT(A)- 1, Gurgaon, Haryana, for Assessment Year 2012-13.


2. The grounds of appeal are as under:-


“1.The learned Commissioner of Income Tax (Appeals) have grossly erred both in law and on facts in sustaining the addition made by the learned AO of Rs. 68,72,311/- being the unsecured loan received by the appellant from the directors of the appellant company because:

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