Delhi HC dismisses appeal on share capital legitimacy, directs IT Dept to address cash deposits

The Delhi HC dismissed the appeal as the assessee proved the legitimacy of companies investing in its share capital. The court stated that if the companies received cash deposits, the Income Tax Department should address it. Reference was made to Commissioner of Income Tax Vs. Lovely Exports Pvt. Ltd. (216 CTR 195).

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The Delhi High Court dismissed the appeal as the assessee had established the identity and genuineness of companies investing in its share capital. The court held that if the companies had received cash deposits, it was the Income Tax Department's responsibility to take action against them. The judgment referenced the case of Commissioner of Income Tax Vs. Lovely Exports Pvt. Ltd. (216 CTR 195).

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