Addition under section 68 not permissible when the advances are received by account payee cheques and interest and shares have been paid and allotted against these advances

DCIT Vs. Bihariji Ispat Udyog Ltd. (ITAT Kolkata)- From the record it appears that all the aforesaid transactions were by Account Payee cheques and loan confirmation and also the confirmation for payment of Share Application Money were obtained from the said Ankur Marketing Ltd. with its I.T. File No. and the same were filed with the A.O. For the Share Application Money received by the assessee, shares were allotted immediately after close of the accounting year 2000- 01. For the loans received by the assessee, it paid interest after deduction of Income-tax and issued necessary T.D.S. certifi...