Bank Entries & ITRs Proved Genuineness of Share Capital: ITAT Deletes Addition

DCIT Vs Tarun International Ltd. (ITAT Delhi) In a significant ruling for corporate assessees, the Income Tax Appellate Tribunal (ITAT), Delhi Bench, has dismissed an appeal filed by the Department of Revenue against Tarun International Ltd., upholding the deletion of an income tax addition of ₹3,07,09,348 made under Section 68 of the Income Tax Act, 1961. The dispute centered on the genuineness and source of share capital received by the assessee company. The case, pertaining to the Assessment Year 2011-12, saw the Department challenging the order of the Commissioner of Income Tax Appeals-1...