Addition unsustainable as identity and creditworthiness of investor company duly proved

DCIT Vs Devi Iron & Power Pvt Ltd (ITAT Raipur) ITAT Raipur held that addition as an unexplained cash credit u/s 68 of the Income Tax Act unsustainable in as much as the assessee company has duly discharged the onus of proving the identity and creditworthiness of the investor company. Facts- Post search operations, during the course of the assessment proceedings, it was observed by the AO that the assessee company had during the year under consideration received share application money and share premium from a Kolkata-based investor company as well as an in-house company. Accordingly, AO c...