Addition u/s. 68 unsustainable as AO failed to conduct independent enquiry to verify genuineness of transaction: ITAT Kolkata

Brightstar Vincom Pvt Ltd Vs ITO (ITAT Kolkata) ITAT Kolkata held that addition u/s. 68 of the Income Tax Act unjustified as assessee discharged initial burden of providing identity and creditworthiness of share subscribers, however, AO failed to conduct independent enquiry to verify the same. Accordingly, addition u/s. 68 quashed. Facts- Vide the present appeal, the assessee has agitated against the addition of Rs.3,58,00,000/- made by the Assessing Officer treating share capital and share premium received by the assessee as unexplained income of the assessee u/s 68 of the Act. Conclusion- Ho...