https://www.taxtmi.com/caselaws?id=778823 ITAT upheld CIT(A)'s deletion of additions under Sec. 68, finding the assessee had proved identity, genuineness and creditworthiness of four corporate and 14 individual share subscribers with PANs, bank statements, ITRs, application forms, balance sheets and assessment orders; AO's rejection was held arbitrary. Addition for alleged contravention of Companies Act s.78(2) was unfounded and no charging section was invoked. Deletion of an alleged bogus loan was upheld on production of confirmations, ledger entries and ITRs showing regular dealings. Disallowance of commission/brokerage was also deleted as payments were evidenced by bank records and TDS, AO should have enquired with payees. en-us Thu, 18 Sep 2025 00:00:00 +0530 Tue, 23 Sep 2025 08:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778823 ITAT upheld CIT(A)'s deletion of additions under Sec. 68, finding the assessee had proved identity, genuineness and creditworthiness of four corporate and 14 individual share subscribers with PANs, bank statements, ITRs, application forms, balance sheets and assessment orders; AO's rejection was held arbitrary. Addition for alleged contravention of Companies Act s.78(2) was unfounded and no charging section was invoked. Deletion of an alleged bogus loan was upheld on production of confirmations, ledger entries and ITRs showing regular dealings. Disallowance of commission/brokerage was also deleted as payments were evidenced by bank records and TDS, AO should have enquired with payees. Case-Laws Income Tax Thu, 18 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778823