Section 68 addition based on conjectures & surmises not justified: ITAT Kolkata

Satyam Smertex pvt. Ltd. Vs DCIT (ITAT Kolkata) ITAT Kolkata held that section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source, it shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the share application received was fully explained by the assessee. The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants. The PAN details, bank account statements, audited financial statements and Income...