https://www.taxtmi.com/caselaws?id=766488 ITAT Kolkata ruled in favor of the assessee regarding additions made for unexplained share capital/premium. Despite non-compliance with summons under Section 131 by directors of subscriber companies and assessee company, the tribunal found that the assessee had furnished sufficient evidence proving investor identity, creditworthiness, and transaction genuineness. The AO failed to comment on submitted evidence. The tribunal set aside the CIT(A) order and directed deletion of the addition, allowing the assessee's appeal. en-us Mon, 24 Feb 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766488 ITAT Kolkata ruled in favor of the assessee regarding additions made for unexplained share capital/premium. Despite non-compliance with summons under Section 131 by directors of subscriber companies and assessee company, the tribunal found that the assessee had furnished sufficient evidence proving investor identity, creditworthiness, and transaction genuineness. The AO failed to comment on submitted evidence. The tribunal set aside the CIT(A) order and directed deletion of the addition, allowing the assessee's appeal. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766488