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ITAT allowed appeal against addition made under Section 68 for alleged bogus share capital. Three share subscribers - Aakansha Advisory Services Pvt Ltd, Sunirmiti Mercantile Pvt Ltd and Arihant Enterprises Ltd - demonstrated adequate creditworthiness through their balance sheets and financial statements for FY 2016-17. The Tribunal held that assessee successfully discharged onus by establishing identity, creditworthiness and genuineness of transactions. CIT(A)'s dismissal solely on grounds of FY 2015-16 statements being furnished instead of FY 2016-17 was incorrect. Non-compliance with notices under Section 133(6) alone cannot justify addition when substantive evidence of creditworthiness exists. Addition deleted.
ITAT allowed appeal against addition made under Section 68 for alleged bogus share capital. Three share subscribers - Aakansha Advisory Services Pvt Ltd, Sunirmiti Mercantile Pvt Ltd and Arihant Enterprises Ltd - demonstrated adequate creditworthiness through their balance sheets and financial statements for FY 2016-17. The Tribunal held that assessee successfully discharged onus by establishing identity, creditworthiness and genuineness of transactions. CIT(A)'s dismissal solely on grounds of FY 2015-16 statements being furnished instead of FY 2016-17 was incorrect. Non-compliance with notices under Section 133(6) alone cannot justify addition when substantive evidence of creditworthiness exists. Addition deleted.
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