https://www.taxtmi.com/caselaws?id=272037 The ITAT Kolkata upheld the CIT(A)'s decision, ruling in favor of the assessee company in a case concerning the addition under section 68 of the Income Tax Act for receipt of share capital. The ITAT found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transactions, in line with precedents like CIT vs Lovely Exports Pvt Ltd. The court dismissed the revenue's appeal, emphasizing that without evidence of funds originating from the assessee, no addition could be justified, affirming the CIT(A)'s order. en-us Wed, 20 Jan 2016 00:00:00 +0530 Thu, 25 Feb 2016 08:51:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272037 The ITAT Kolkata upheld the CIT(A)'s decision, ruling in favor of the assessee company in a case concerning the addition under section 68 of the Income Tax Act for receipt of share capital. The ITAT found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transactions, in line with precedents like CIT vs Lovely Exports Pvt Ltd. The court dismissed the revenue's appeal, emphasizing that without evidence of funds originating from the assessee, no addition could be justified, affirming the CIT(A)'s order. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272037