Addition u/s 68 on account of share application money not justified where validity of transaction beyond doubt

Brief of the Case

ITAT Mumbai held In the case of ITO vs. M/s. Superline Construction P. Ltd. that the assessee had duly discharged the burden of proof, onus of proof and explained the source of share capital and advances received by established the identity, creditworthiness and genuineness of transaction by banking instruments with documentary evidences. Further the assessee substantiated the details with the documentary evidences as extracted from the website of Ministry of Corporate Affairs,

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