https://www.taxtmi.com/caselaws?id=782020 ITAT Kolkata-AT allowed the assessee's appeal. It held that addition u/s 68 was unjustified as the assessee had furnished complete evidences regarding identity, genuineness and creditworthiness of share subscribers, and notices u/s 133(6) and summons u/s 131 were duly served and responded to. The Tribunal ruled that mere non-traceability of some subscribers at a later stage or their meagre recurring income could not negate established creditworthiness supported by substantial own funds. Further, the reassessment notice u/s 148 was held to be time-barred, as the original assessment u/s 143(3) involved full and true disclosure and the six-year limitation under the pre-01.04.2021 law had expired. The reassessment was therefore quashed. en-us Thu, 16 Oct 2025 00:00:00 +0530 Mon, 24 Nov 2025 08:57:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782020 ITAT Kolkata-AT allowed the assessee's appeal. It held that addition u/s 68 was unjustified as the assessee had furnished complete evidences regarding identity, genuineness and creditworthiness of share subscribers, and notices u/s 133(6) and summons u/s 131 were duly served and responded to. The Tribunal ruled that mere non-traceability of some subscribers at a later stage or their meagre recurring income could not negate established creditworthiness supported by substantial own funds. Further, the reassessment notice u/s 148 was held to be time-barred, as the original assessment u/s 143(3) involved full and true disclosure and the six-year limitation under the pre-01.04.2021 law had expired. The reassessment was therefore quashed. Case-Laws Income Tax Thu, 16 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782020