https://www.taxtmi.com/caselaws?id=460385 The ITAT Kolkata dismissed the Revenue's appeal regarding undisclosed cash credit under Section 68. The AO had treated share capital as bogus solely because directors failed to appear for personal examination. The CIT(A) deleted the addition after examining documents and finding that share subscribers were group entities with established creditworthiness and net worth. Three subscribers were group companies with proven financial capacity, and the fourth was a reputed real estate developer. The Department had previously accepted share capital from these entities in earlier years. The ITAT upheld CIT(A)'s order, ruling that non-appearance of directors alone was insufficient to establish bogus transactions when identity and creditworthiness were otherwise established. en-us Mon, 02 Jan 2023 00:00:00 +0530 Tue, 21 Jan 2025 11:05:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460385 The ITAT Kolkata dismissed the Revenue's appeal regarding undisclosed cash credit under Section 68. The AO had treated share capital as bogus solely because directors failed to appear for personal examination. The CIT(A) deleted the addition after examining documents and finding that share subscribers were group entities with established creditworthiness and net worth. Three subscribers were group companies with proven financial capacity, and the fourth was a reputed real estate developer. The Department had previously accepted share capital from these entities in earlier years. The ITAT upheld CIT(A)'s order, ruling that non-appearance of directors alone was insufficient to establish bogus transactions when identity and creditworthiness were otherwise established. Case-Laws Income Tax Mon, 02 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460385