https://www.taxtmi.com/caselaws?id=761241 ITAT Kolkata allowed the assessee's appeal against addition under section 68 regarding share capital from 13 applicants. The tribunal held that the assessee successfully proved identity, creditworthiness of share applicants and genuineness of transactions through documentary evidence showing sufficient net worth. The AO's general observations of dissatisfaction without examining specific documents were insufficient to sustain the addition. Once primary burden was discharged by assessee, revenue failed to prove their case with concrete evidence. en-us Thu, 03 Oct 2024 00:00:00 +0530 Thu, 07 Nov 2024 08:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761241 ITAT Kolkata allowed the assessee's appeal against addition under section 68 regarding share capital from 13 applicants. The tribunal held that the assessee successfully proved identity, creditworthiness of share applicants and genuineness of transactions through documentary evidence showing sufficient net worth. The AO's general observations of dissatisfaction without examining specific documents were insufficient to sustain the addition. Once primary burden was discharged by assessee, revenue failed to prove their case with concrete evidence. Case-Laws Income Tax Thu, 03 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761241