https://www.taxtmi.com/caselaws?id=764459 ITAT Kolkata allowed the assessee's appeal against addition u/s 68 for unexplained share capital. CIT(A) had deleted the addition noting that transactions were through banking channels with complete documentation provided. The AO failed to identify defects in submitted evidence or conduct proper enquiries with creditors' AOs. The tribunal cited precedents establishing that where identity and genuineness are proven through account payee cheques, additions cannot be made merely for non-production of directors. Additionally, the reopening was based on borrowed satisfaction from search material without independent enquiry, which was held impermissible. en-us Wed, 08 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 08:58:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764459 ITAT Kolkata allowed the assessee's appeal against addition u/s 68 for unexplained share capital. CIT(A) had deleted the addition noting that transactions were through banking channels with complete documentation provided. The AO failed to identify defects in submitted evidence or conduct proper enquiries with creditors' AOs. The tribunal cited precedents establishing that where identity and genuineness are proven through account payee cheques, additions cannot be made merely for non-production of directors. Additionally, the reopening was based on borrowed satisfaction from search material without independent enquiry, which was held impermissible. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764459