https://www.taxtmi.com/caselaws?id=450735 ITAT Kolkata upheld CIT(A)'s decision deleting addition under Section 68 for share application money treated as unaccounted cash credit. The tribunal found that assessee successfully proved identity and creditworthiness of share subscribers (registered private limited companies) and genuineness of transactions. Evidence showed investments were routed through banking channels, investor companies had sufficient net worth, and all necessary documentary evidence was provided. The tribunal concluded the transaction was genuine and not covered under Section 68 provisions, ruling in favor of assessee. en-us Thu, 22 Feb 2024 00:00:00 +0530 Tue, 12 Mar 2024 08:55:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450735 ITAT Kolkata upheld CIT(A)'s decision deleting addition under Section 68 for share application money treated as unaccounted cash credit. The tribunal found that assessee successfully proved identity and creditworthiness of share subscribers (registered private limited companies) and genuineness of transactions. Evidence showed investments were routed through banking channels, investor companies had sufficient net worth, and all necessary documentary evidence was provided. The tribunal concluded the transaction was genuine and not covered under Section 68 provisions, ruling in favor of assessee. Case-Laws Income Tax Thu, 22 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450735