https://www.taxtmi.com/caselaws?id=754537 ITAT Kolkata allowed the assessee's appeal against addition u/s 68 for unexplained share capital/premium. The assessee provided comprehensive documentation including ITRs, audited accounts, share application forms, bank statements, and other relevant documents for all shareholders. The AO's addition was based on incorrect observations, including wrongly stating the company was newly formed in AY 2014-15 when it was an established entity. The AO conducted detailed investigations under sections 133(6) and 131, which were duly complied with by subscribers. The assessee successfully proved identity, creditworthiness, and genuineness of transactions. The revenue had previously accepted similar share issuances as genuine in AY 2016-17. ITAT set aside CIT(A)'s order and directed deletion of the addition. en-us Mon, 24 Jun 2024 00:00:00 +0530 Wed, 26 Jun 2024 08:30:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754537 ITAT Kolkata allowed the assessee's appeal against addition u/s 68 for unexplained share capital/premium. The assessee provided comprehensive documentation including ITRs, audited accounts, share application forms, bank statements, and other relevant documents for all shareholders. The AO's addition was based on incorrect observations, including wrongly stating the company was newly formed in AY 2014-15 when it was an established entity. The AO conducted detailed investigations under sections 133(6) and 131, which were duly complied with by subscribers. The assessee successfully proved identity, creditworthiness, and genuineness of transactions. The revenue had previously accepted similar share issuances as genuine in AY 2016-17. ITAT set aside CIT(A)'s order and directed deletion of the addition. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754537