Addition U/s. 68 for Receipt of share capital not justified when Identity, creditworthiness & genuineness proved

ACIT Vs Ravnet Solutions (P.) Ltd. (ITAT Delhi)

 Where assessee, in receipt of share capital, had established onus cast on it to explain identity and creditworthiness of subscribers and genuineness of impugned share transactions by filing evidences such as copies of confirmations, ITRs, PANs and bank statements, etc. AO was not justified in making addition under section 68.