https://www.taxtmi.com/caselaws?id=461165 ITAT Kolkata allowed the appeal and deleted additions made under section 68 regarding share capital and share premium. The tribunal found that the assessee had adequately discharged its burden by providing comprehensive documentation of share subscribing companies including their financial statements, IT returns, share application forms, bank statements, and proof of creditworthiness. The AO failed to identify any defects in the documents or conduct proper enquiry after the burden shifted to the department. All investing companies had sufficient funds and genuine transactions were established through account payee cheques without cash deposits. en-us Tue, 13 Aug 2024 00:00:00 +0530 Tue, 18 Mar 2025 19:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461165 ITAT Kolkata allowed the appeal and deleted additions made under section 68 regarding share capital and share premium. The tribunal found that the assessee had adequately discharged its burden by providing comprehensive documentation of share subscribing companies including their financial statements, IT returns, share application forms, bank statements, and proof of creditworthiness. The AO failed to identify any defects in the documents or conduct proper enquiry after the burden shifted to the department. All investing companies had sufficient funds and genuine transactions were established through account payee cheques without cash deposits. Case-Laws Income Tax Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461165