https://www.taxtmi.com/caselaws?id=769731 The ITAT Kolkata ruled in favor of the assessee challenging additions under Section 68 for unexplained cash credit relating to share capital and share premium from 18 private limited companies. The assessee successfully proved the identity, genuineness, and creditworthiness of all share applicants, demonstrating they were regularly assessed entities with audited financial statements, adequate net worth, and had undergone IT Department and ROC scrutiny. The tribunal found no justification for the addition under Section 68 and deleted it entirely, setting aside the CIT(A)'s order and allowing the assessee's appeal. en-us Wed, 16 Oct 2024 00:00:00 +0530 Fri, 09 May 2025 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769731 The ITAT Kolkata ruled in favor of the assessee challenging additions under Section 68 for unexplained cash credit relating to share capital and share premium from 18 private limited companies. The assessee successfully proved the identity, genuineness, and creditworthiness of all share applicants, demonstrating they were regularly assessed entities with audited financial statements, adequate net worth, and had undergone IT Department and ROC scrutiny. The tribunal found no justification for the addition under Section 68 and deleted it entirely, setting aside the CIT(A)'s order and allowing the assessee's appeal. Case-Laws Income Tax Wed, 16 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769731