https://www.taxtmi.com/caselaws?id=445698 ITAT Kolkata held in favor of the assessee regarding unexplained cash credit u/s 68 addition for bogus share capital. Revenue's sole contention was subscriber company director's non-appearance to summons u/s 131. The assessee furnished all required details and documents proving identity, creditworthiness, and genuineness of transactions. AO failed to identify discrepancies or conduct independent inquiry after assessee discharged initial burden. CIT(A) mechanically upheld AO's order without examining evidence or providing reasons, making it a non-speaking order. Addition was deleted following Supreme Court precedent requiring proper verification. en-us Fri, 10 Nov 2023 00:00:00 +0530 Fri, 17 Nov 2023 08:40:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445698 ITAT Kolkata held in favor of the assessee regarding unexplained cash credit u/s 68 addition for bogus share capital. Revenue's sole contention was subscriber company director's non-appearance to summons u/s 131. The assessee furnished all required details and documents proving identity, creditworthiness, and genuineness of transactions. AO failed to identify discrepancies or conduct independent inquiry after assessee discharged initial burden. CIT(A) mechanically upheld AO's order without examining evidence or providing reasons, making it a non-speaking order. Addition was deleted following Supreme Court precedent requiring proper verification. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445698