2025 (12) TMI 1792

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hattacharjee, Adv. For the Respondent : Mr. Suresh Agarwal, Adv., Mr. Rajarshi Chatterjee, Adv. ORDER 1. The Court: Supplementary affidavit filed by the appellant is kept with the record. 2. Learned counsel appearing for the appellant submits that as the Tribunal has failed to consider the fact that the assessee/company has failed to prove the identity, creditworthiness of the creditor....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....to avoid addition u/s 68 viz. identity, genuinity and creditworthiness of shareholders. In the instant case of assessee all the shareholders are income tax assessee, share applications have been received through account payee cheque and their net worth is much more higher than the investment made by them in assessee's company by way of share application. A table is prepared and set out hereund....