Addition of bogus share capital u/s 68 and bogus purchases u/s 69 cannot be made in absence of incriminating material with AO

Agson Global Pvt. Ltd Vs ACIT (ITAT Delhi)

Conclusion: Since assessee had sufficient documentary evidences before AO to prove that money routed from assessee itself which came back to assessee in the form of share capital/premium and AO neither made any further enquiry on the documentary evidences filed by assessee nor verify the trail of the source of funds received by assessee through various entities thus, assessee had been able to prove that it had received genuine amounts which was routed through vario

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