https://www.taxtmi.com/caselaws?id=461796 ITAT Kolkata set aside CIT(Appeals) order and directed AO to delete addition made u/s 68 for bogus share capital and share premium. Tribunal found AO's adverse inference unjustified as share applicants' non-compliance in second assessment round couldn't override evidence from first round where transactions were verified and accepted. Share applications received through banking channels from own funds, and source need not be from taxable income. AO's observations about director lacking PAN were incorrect. No new facts emerged to justify contrary view from first assessment. Addition deleted in assessee's favour. en-us Fri, 26 Aug 2022 00:00:00 +0530 Mon, 28 Apr 2025 16:56:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461796 ITAT Kolkata set aside CIT(Appeals) order and directed AO to delete addition made u/s 68 for bogus share capital and share premium. Tribunal found AO's adverse inference unjustified as share applicants' non-compliance in second assessment round couldn't override evidence from first round where transactions were verified and accepted. Share applications received through banking channels from own funds, and source need not be from taxable income. AO's observations about director lacking PAN were incorrect. No new facts emerged to justify contrary view from first assessment. Addition deleted in assessee's favour. Case-Laws Income Tax Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461796