Usekiwi Infolabs Share Capital Appeal

Quick Summary

This appeal concerns Usekiwi Infolabs Private Limited challenging an income tax addition of Rs. 1,67,50,000. This amount was received as share capital and premium from KStart LLC, Mauritius. The tax authorities considered this an unexplained credit under Section 68 of the Income Tax Act. Usekiwi Infolabs provided documentation to prove the investor's identity, creditworthiness, and the transaction's genuineness.

Court :
ITAT New Delhi

Brief :
This is an appeal filed by the assessee USEKIWI INFOLABS PVT LTD [ TheAssessee/ Appellant] against the order of the Commissioner of Income Tax(Appeals) – 9, , New Delhi [ld CIT(A)] dated 30.09.2019 for the AY 2016-17wherein the appeal of the assessee filed against the order passed u/s 143 (3)of The Income Tax Act (The Act) on 31/5/2019 by the income tax officerWard – 27 (2) New Delhi (The Learned AO) is dismissed. The only issue inthis appeal is the addition u/s 68 of The Income Tax Act of Rs.1,67,50,000/– received by the assessee as share capital and share premium from Messer’s KStart LLC, Mauritius.

Citation :
ITA No. 8339/Del/2019

Daily Limit Reached