https://www.taxtmi.com/caselaws?id=764032 ITAT Delhi allowed assessee's appeal against addition u/s 68 for bogus share transactions. The assessee received share premium from reputable investors including SEBI registered venture capital funds, Hero Group promoter, and established companies. ITAT held that assessee provided sufficient evidence of investors' identity, creditworthiness, and transaction genuineness. AO failed to conduct independent inquiry beyond pointing out documentation shortcomings. Share valuation by SEBI registered merchant banker was accepted as revenue authorities cited no specific deficiencies. Since assessee qualified as venture capital undertaking under section 10(23FB), provisions of section 56(2)(viib) were inapplicable to share premium received from SEBI registered venture capital funds. en-us Tue, 31 Dec 2024 00:00:00 +0530 Thu, 02 Jan 2025 08:13:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764032 ITAT Delhi allowed assessee's appeal against addition u/s 68 for bogus share transactions. The assessee received share premium from reputable investors including SEBI registered venture capital funds, Hero Group promoter, and established companies. ITAT held that assessee provided sufficient evidence of investors' identity, creditworthiness, and transaction genuineness. AO failed to conduct independent inquiry beyond pointing out documentation shortcomings. Share valuation by SEBI registered merchant banker was accepted as revenue authorities cited no specific deficiencies. Since assessee qualified as venture capital undertaking under section 10(23FB), provisions of section 56(2)(viib) were inapplicable to share premium received from SEBI registered venture capital funds. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764032