https://www.taxtmi.com/caselaws?id=765990 ITAT Kolkata dismissed Revenue's appeal regarding addition under section 68 for treating share capital/premium as unexplained cash credit. The tribunal held that non-compliance with summons under section 131 cannot justify such additions when the assessee provided adequate evidence establishing identity and creditworthiness of subscribers, including PAN, financial statements, and bank records. Following precedents from Kolkata HC and Bombay HC, the tribunal ruled that section 68 provisions cannot be invoked solely based on non-appearance before AO when documentary evidence proves transaction genuineness. en-us Wed, 05 Feb 2025 00:00:00 +0530 Wed, 12 Feb 2025 18:44:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765990 ITAT Kolkata dismissed Revenue's appeal regarding addition under section 68 for treating share capital/premium as unexplained cash credit. The tribunal held that non-compliance with summons under section 131 cannot justify such additions when the assessee provided adequate evidence establishing identity and creditworthiness of subscribers, including PAN, financial statements, and bank records. Following precedents from Kolkata HC and Bombay HC, the tribunal ruled that section 68 provisions cannot be invoked solely based on non-appearance before AO when documentary evidence proves transaction genuineness. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765990