https://www.taxtmi.com/caselaws?id=753338 The ITAT Kolkata ruled in favor of the assessee regarding unexplained cash credit under Section 68 involving bogus share capital/premium. The AO had issued notices under Section 133(6) and summons under Section 131 to all subscribers, who responded with required details and evidence. Despite the AO's concerns about subscribers' creditworthiness based on income, the tribunal found that subscribers had substantial net worth and were properly assessed to tax. The assessee successfully discharged its burden by providing all necessary evidence. The ITAT set aside the CIT(Appeals) order and directed the AO to delete the addition. en-us Tue, 09 Jan 2024 00:00:00 +0530 Thu, 30 May 2024 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753338 The ITAT Kolkata ruled in favor of the assessee regarding unexplained cash credit under Section 68 involving bogus share capital/premium. The AO had issued notices under Section 133(6) and summons under Section 131 to all subscribers, who responded with required details and evidence. Despite the AO's concerns about subscribers' creditworthiness based on income, the tribunal found that subscribers had substantial net worth and were properly assessed to tax. The assessee successfully discharged its burden by providing all necessary evidence. The ITAT set aside the CIT(Appeals) order and directed the AO to delete the addition. Case-Laws Income Tax Tue, 09 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753338