https://www.taxtmi.com/caselaws?id=313098 ITAT Kolkata upheld CIT(A)'s deletion of addition under section 68 for alleged bogus share transactions. The tribunal found that making addition in assessee's hands would constitute double taxation since the sum was already added in investor company's case and source was adequately proved. The assessee company had substantial turnover of Rs.145.38 crores with profits, establishing genuineness of investment. The tribunal concluded that identity, creditworthiness of share applicants and genuineness of transactions were sufficiently established, meeting section 68 requirements. Appeal by revenue dismissed. en-us Wed, 26 Jul 2023 00:00:00 +0530 Sun, 24 Mar 2024 10:52:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313098 ITAT Kolkata upheld CIT(A)'s deletion of addition under section 68 for alleged bogus share transactions. The tribunal found that making addition in assessee's hands would constitute double taxation since the sum was already added in investor company's case and source was adequately proved. The assessee company had substantial turnover of Rs.145.38 crores with profits, establishing genuineness of investment. The tribunal concluded that identity, creditworthiness of share applicants and genuineness of transactions were sufficiently established, meeting section 68 requirements. Appeal by revenue dismissed. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313098