Addition u/s. 68 unsustainable as assessee duly discharged initial burden but AO failed to conduct independent inquires: ITAT Kolkata

ITO Vs Express Tradelink Pvt Ltd (ITAT Kolkata) ITAT Kolkata held that addition u/s. 68 of the Income Tax Act towards unexplained share application money is unsustainable as assessee has successfully discharged the burden of proof primarily casted upon it, however, AO failed to conduct independent inquires. Facts- The assessee is a private limited company and is engaged in the business of share dealing and investments. During the course of proceedings, AO noted that the assessee has failed to explain the sum of Rs. Rs. 7,26,50,000/- received towards share capital and share premium and added th...