https://www.taxtmi.com/caselaws?id=449370 ITAT Kolkata dismissed revenue's appeal regarding cash credit addition u/s 68. Despite non-appearance of directors, tribunal found share applicants were income tax assessees filing returns, with proper documentation including share application forms, allotment letters, and account payee cheques. Bank statements showed no cash deposits before cheque issuance, and applicants had substantial creditworthiness. Following Calcutta HC precedent in PCIT v. Naina Distributors, tribunal held mere non-production of directors insufficient for addition u/s 68. CIT(A)'s deletion of addition upheld. en-us Mon, 01 Jan 2024 00:00:00 +0530 Fri, 09 Feb 2024 19:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449370 ITAT Kolkata dismissed revenue's appeal regarding cash credit addition u/s 68. Despite non-appearance of directors, tribunal found share applicants were income tax assessees filing returns, with proper documentation including share application forms, allotment letters, and account payee cheques. Bank statements showed no cash deposits before cheque issuance, and applicants had substantial creditworthiness. Following Calcutta HC precedent in PCIT v. Naina Distributors, tribunal held mere non-production of directors insufficient for addition u/s 68. CIT(A)'s deletion of addition upheld. Case-Laws Income Tax Mon, 01 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449370