https://www.taxtmi.com/caselaws?id=770701 ITAT Kolkata ruled in favor of the assessee regarding unexplained cash credit under Section 68 concerning share capital/premium. The tribunal found that subscribers complied with Section 133(6) notices by providing investment evidence and had sufficient sources to invest. Despite non-compliance with Section 131 summons by company directors, the tribunal held that additions cannot be made solely on this ground when assessee furnished all required evidence and AO conducted no verification to establish contrary facts. The appeal was allowed. en-us Tue, 13 May 2025 00:00:00 +0530 Thu, 15 May 2025 07:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770701 ITAT Kolkata ruled in favor of the assessee regarding unexplained cash credit under Section 68 concerning share capital/premium. The tribunal found that subscribers complied with Section 133(6) notices by providing investment evidence and had sufficient sources to invest. Despite non-compliance with Section 131 summons by company directors, the tribunal held that additions cannot be made solely on this ground when assessee furnished all required evidence and AO conducted no verification to establish contrary facts. The appeal was allowed. Case-Laws Income Tax Tue, 13 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770701