Section 68 Addition set aside as identity & creditworthiness of investors established: ITAT Kolkata

ITO Vs Amodini Vyapar Pvt. Ltd. (ITAT Kolkata) ITAT Kolkata held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since assessee duly established identity and creditworthiness of the investors and genuineness of the transactions. Facts- The present appeal is preferred by the revenue. The only issued raised by the Revenue is against the deletion of addition of ₹3,55,65,468/- as made by the ld. AO u/s 68 of the Act towards unexplained cash credit being share capital/ share premium. Conclusion- Hon’ble Mumbai High Court in the case of CIT Vs Orchid Industries (P)...