Addition towards share capital and premium u/s 68 unsustainable as identity and creditworthiness proved

One Point Commercial Pvt. Ltd. Vs ITO (ITAT Kolkata)

ITAT Kolkata held that addition towards share capital and share premium under section 68 of the Income Tax Act untenable as assessee discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions.

Facts- In the course of assessment proceeding, AO noted that the assessee has received share application money and premium thereon amounting to Rs.4,78,

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