https://www.taxtmi.com/caselaws?id=764740 The ITAT Delhi allowed the assessee's appeal and deleted the addition made under section 68 regarding share capital money received. The AO had treated the share capital as unexplained cash credit, questioning the identity and creditworthiness of the investor company. However, the ITAT found that the assessee successfully proved the existence of the investor company and demonstrated its reasonable financial capacity to make the investment. The tribunal noted that the investment was received through proper banking channels and was utilized as capital receipt in the business operations. en-us Fri, 30 Aug 2024 00:00:00 +0530 Fri, 17 Jan 2025 08:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764740 The ITAT Delhi allowed the assessee's appeal and deleted the addition made under section 68 regarding share capital money received. The AO had treated the share capital as unexplained cash credit, questioning the identity and creditworthiness of the investor company. However, the ITAT found that the assessee successfully proved the existence of the investor company and demonstrated its reasonable financial capacity to make the investment. The tribunal noted that the investment was received through proper banking channels and was utilized as capital receipt in the business operations. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764740