https://www.taxtmi.com/caselaws?id=313506 ITAT Kolkata allowed the assessee's appeal regarding bogus share capital addition under Section 68. The assessee had provided comprehensive documentary evidence including share application forms, allotment letters, account payee cheques, bank statements, and proof of subscribers' creditworthiness. The AO insisted on personal appearances without identifying specific discrepancies in the submitted evidence. The tribunal held that once the assessee establishes identity, creditworthiness, and genuineness through documentary evidence, the burden shifts to revenue. Since all share applicants were income tax assessees with substantial creditworthiness and proper documentation, the assessee discharged its burden. The CIT(A)'s order was set aside and the AO was directed to delete the addition. en-us Thu, 23 Feb 2023 00:00:00 +0530 Thu, 18 Apr 2024 15:32:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313506 ITAT Kolkata allowed the assessee's appeal regarding bogus share capital addition under Section 68. The assessee had provided comprehensive documentary evidence including share application forms, allotment letters, account payee cheques, bank statements, and proof of subscribers' creditworthiness. The AO insisted on personal appearances without identifying specific discrepancies in the submitted evidence. The tribunal held that once the assessee establishes identity, creditworthiness, and genuineness through documentary evidence, the burden shifts to revenue. Since all share applicants were income tax assessees with substantial creditworthiness and proper documentation, the assessee discharged its burden. The CIT(A)'s order was set aside and the AO was directed to delete the addition. Case-Laws Income Tax Thu, 23 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313506