Addition U/s 68 merely for Share capital/ premium for Receipts from companies having registered office at same address not justified

ACIT Vs. NRA Iron & Steel (P) Ltd. & Vice-Versa (ITAT Delhi) Investor companies have confirmed making investments in assessee- company who were having sufficient net worth to make investment in assessee- company. Assessee filed I.T. returns, PAN, Bank Statements of investor Company to prove they are existing assessees of Department and are genuine parties. No efforts are made by assessing officer for production of investors at assessment stage. Therefore, the assessee has been able to prove identity of the share applicants, their creditworthiness and genuineness of the transactions in ...