Section 68 Addition Deleted as Identity & Creditworthiness of Investors Proved

ITO Vs Goverdhan Transport Company Pvt. Ltd. (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal (ITAT), Delhi, was filed by the Revenue against the order of the National Faceless Appeal Centre (NFAC) for Assessment Year 2014–15, concerning deletion of addition made under Section 68 of the Income-tax Act on account of share capital. The Assessing Officer (AO) had added ₹6.66 crore as unexplained cash credits, holding that the assessee failed to establish the identity, genuineness, and creditworthiness of 36 shareholders who had subscribed to equity shares. The AO treated the t...