https://www.taxtmi.com/caselaws?id=766650 The ITAT Delhi ruled in favor of the assessee regarding additions made on account of share capital and share premium. The AO had made additions primarily because directors of investing companies were not produced despite opportunities provided, even though the assessee had furnished all necessary details including accounts, income tax particulars, bank statements, and balance sheets during assessment proceedings. The tribunal found that the assessee had discharged its onus to prove genuineness of share capital and share premium by establishing identity and creditworthiness of investors through confirmations and bank accounts filed before the AO, which was acknowledged in the assessment order. en-us Thu, 27 Feb 2025 00:00:00 +0530 Sat, 01 Mar 2025 08:25:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766650 The ITAT Delhi ruled in favor of the assessee regarding additions made on account of share capital and share premium. The AO had made additions primarily because directors of investing companies were not produced despite opportunities provided, even though the assessee had furnished all necessary details including accounts, income tax particulars, bank statements, and balance sheets during assessment proceedings. The tribunal found that the assessee had discharged its onus to prove genuineness of share capital and share premium by establishing identity and creditworthiness of investors through confirmations and bank accounts filed before the AO, which was acknowledged in the assessment order. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766650