https://www.taxtmi.com/caselaws?id=449061 The ITAT Delhi dismissed the revenue's appeal regarding addition under section 68 for share capital and share premium. The AO had made the addition in the hands of the assessee company, but the CIT(A) deleted it after finding that the assessee discharged its onus by establishing the creditor's identity, creditworthiness, and transaction genuineness. The ITAT held that if any addition was warranted, it should have been made against the promoter, not the company. The assessee provided eight supporting documents showing payments through banking channels from a creditworthy, income-tax-paying creditor. The tribunal found no legal substance in the revenue's arguments and upheld the CIT(A)'s decision. en-us Mon, 04 Dec 2023 00:00:00 +0530 Mon, 05 Feb 2024 08:44:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449061 The ITAT Delhi dismissed the revenue's appeal regarding addition under section 68 for share capital and share premium. The AO had made the addition in the hands of the assessee company, but the CIT(A) deleted it after finding that the assessee discharged its onus by establishing the creditor's identity, creditworthiness, and transaction genuineness. The ITAT held that if any addition was warranted, it should have been made against the promoter, not the company. The assessee provided eight supporting documents showing payments through banking channels from a creditworthy, income-tax-paying creditor. The tribunal found no legal substance in the revenue's arguments and upheld the CIT(A)'s decision. Case-Laws Income Tax Mon, 04 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449061