Common Directors/Shareholders, Identity, Creditworthiness Proved: ITAT deletes Section 68 Addition 

Shah Tracom Pvt. Ltd. Vs ITO (ITAT Kolkata) Common Directors/Shareholders, Identity, Creditworthiness Proved: ITAT deletes Section 68 Addition  In a recent judgment, the Income Tax Appellate Tribunal (ITAT) Kolkata ruled in favor of Shah Tracom Pvt. Ltd. in the case against the Income Tax Officer (ITO). The case revolved around the addition made under Section 68 of the Income Tax Act, 1961, where the assessee, Shah Tracom Pvt. Ltd., was required to prove the identity, creditworthiness, and genuineness of the shareholders who had invested in the company. The Tribunal’s decision to delete...