https://www.taxtmi.com/caselaws?id=447403 ITAT Kolkata dismissed revenue's appeal challenging deletion of addition under section 68 for unexplained share application money. The assessee, a sponge iron manufacturer registered under Excise Act, successfully proved identity and creditworthiness of investor company, a group concern with common directors. Shares were issued at face value without premium. Revenue failed to dispute genuineness of transactions beyond general observations. ITAT upheld CIT(A)'s order deleting the addition, finding assessee discharged burden of proof regarding share capital transaction. en-us Thu, 21 Dec 2023 00:00:00 +0530 Mon, 25 Dec 2023 09:25:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447403 ITAT Kolkata dismissed revenue's appeal challenging deletion of addition under section 68 for unexplained share application money. The assessee, a sponge iron manufacturer registered under Excise Act, successfully proved identity and creditworthiness of investor company, a group concern with common directors. Shares were issued at face value without premium. Revenue failed to dispute genuineness of transactions beyond general observations. ITAT upheld CIT(A)'s order deleting the addition, finding assessee discharged burden of proof regarding share capital transaction. Case-Laws Income Tax Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447403