Section 68 addition cannot be made merely for meager income shown by Investor Companies

Mantram Commodities Pvt. Ltd. Vs ITO (ITAT Delhi) So far as the addition under section 68 of the I.T. Act, 1961 is concerned, I find the assessee has filed the details such as P & L A/c, balance-sheet, bank statements, confirmation letters, PAN, copy of acknowledgment of return, Memorandum and Articles of Association of Companies etc. Further out of the 04 Investor Companies, it is seen that in case of Kuber Buildmart and Texcity Construction Pvt. Ltd., although the shares were issued during the impugned assessment year, however, the amounts were received in the preceding years which is ve...