https://www.taxtmi.com/caselaws?id=465176 ITAT Kolkata dismissed the Revenue's appeals and allowed the assessee's cross-objection. It upheld the CIT(A)'s deletion of addition u/s 68 on alleged bogus share sale transactions, holding that the assessee had discharged the onus by furnishing ITRs, audited financials, bank statements, confirmations and other documents of the purchasers, thereby proving identity, creditworthiness and genuineness. No incriminating material was found in search, and investments had been consistently accepted in earlier scrutiny assessments. The Tribunal further held that the CIT(A)'s direction to estimate and add 5% of sale consideration as notional net profit was based on mere presumptions, lacked any substantive basis, and was therefore unsustainable. Additions in assessments u/s 153A were also held impermissible absent incriminating material. en-us Tue, 26 Aug 2025 00:00:00 +0530 Tue, 09 Dec 2025 13:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465176 ITAT Kolkata dismissed the Revenue's appeals and allowed the assessee's cross-objection. It upheld the CIT(A)'s deletion of addition u/s 68 on alleged bogus share sale transactions, holding that the assessee had discharged the onus by furnishing ITRs, audited financials, bank statements, confirmations and other documents of the purchasers, thereby proving identity, creditworthiness and genuineness. No incriminating material was found in search, and investments had been consistently accepted in earlier scrutiny assessments. The Tribunal further held that the CIT(A)'s direction to estimate and add 5% of sale consideration as notional net profit was based on mere presumptions, lacked any substantive basis, and was therefore unsustainable. Additions in assessments u/s 153A were also held impermissible absent incriminating material. Case-Laws Income Tax Tue, 26 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465176