https://www.taxtmi.com/caselaws?id=764109 ITAT Kolkata allowed the assessee's appeal against addition under section 68 for unexplained cash credit relating to share capital/premium. Despite investors not appearing before AO or complying with summons under section 131, the assessee had furnished complete evidence proving identity, creditworthiness of investors and genuineness of transactions. AO failed to comment on submitted evidence. Tribunal relied on precedents from Bombay HC in Orchid Industries and Kolkata HC in Crystal Networks, holding that non-appearance before AO cannot invoke section 68 when documentary evidence establishes genuineness, identity and creditworthiness. en-us Tue, 31 Dec 2024 00:00:00 +0530 Thu, 02 Jan 2025 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764109 ITAT Kolkata allowed the assessee's appeal against addition under section 68 for unexplained cash credit relating to share capital/premium. Despite investors not appearing before AO or complying with summons under section 131, the assessee had furnished complete evidence proving identity, creditworthiness of investors and genuineness of transactions. AO failed to comment on submitted evidence. Tribunal relied on precedents from Bombay HC in Orchid Industries and Kolkata HC in Crystal Networks, holding that non-appearance before AO cannot invoke section 68 when documentary evidence establishes genuineness, identity and creditworthiness. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764109