https://www.taxtmi.com/caselaws?id=765537 ITAT Kolkata allowed the assessee's appeal regarding unexplained cash credit under section 68. The revenue authorities had treated share capital as bogus when three subscribers failed to provide balance sheets and P&L accounts for the relevant financial year 2016-17, submitting only 2015-16 documents. ITAT found that the subscribers had adequate creditworthiness based on their financial statements and that the assessee had discharged its statutory burden of proof. The addition was deleted as non-compliance with section 133(6) notices alone could not justify the disallowance when creditworthiness was established. en-us Fri, 31 Jan 2025 00:00:00 +0530 Mon, 03 Feb 2025 08:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765537 ITAT Kolkata allowed the assessee's appeal regarding unexplained cash credit under section 68. The revenue authorities had treated share capital as bogus when three subscribers failed to provide balance sheets and P&L accounts for the relevant financial year 2016-17, submitting only 2015-16 documents. ITAT found that the subscribers had adequate creditworthiness based on their financial statements and that the assessee had discharged its statutory burden of proof. The addition was deleted as non-compliance with section 133(6) notices alone could not justify the disallowance when creditworthiness was established. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765537