https://www.taxtmi.com/caselaws?id=775949 The ITAT Kolkata allowed the assessee's appeal, rejecting additions on account of unexplained cash credits related to share capital and share premium. Despite the transactions being over 12 years old, the assessee satisfactorily proved the source of funds under section 68, supported by evidence of investor companies' net worth, banking transactions, and compliance with ROC and tax filings. The tribunal held that low recurring income of investors did not undermine their creditworthiness, given their substantial own funds. Non-compliance with summons under section 131 was not a valid ground for addition since the assessee had established the identity, creditworthiness, and genuineness of transactions, relying on precedents from the SC and Delhi HC. en-us Wed, 30 Jul 2025 00:00:00 +0530 Sat, 02 Aug 2025 07:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775949 The ITAT Kolkata allowed the assessee's appeal, rejecting additions on account of unexplained cash credits related to share capital and share premium. Despite the transactions being over 12 years old, the assessee satisfactorily proved the source of funds under section 68, supported by evidence of investor companies' net worth, banking transactions, and compliance with ROC and tax filings. The tribunal held that low recurring income of investors did not undermine their creditworthiness, given their substantial own funds. Non-compliance with summons under section 131 was not a valid ground for addition since the assessee had established the identity, creditworthiness, and genuineness of transactions, relying on precedents from the SC and Delhi HC. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775949