Case Law Details
Case Name : DCIT Vs Hemadari Machine Tools Pvt. Ltd (ITAT Mumbai)
Appeal Number : ITA No. 714/Mum/2020
Date of Judgement/Order : 09/08/2021
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Mumbai
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DCIT Vs Hemadari Machine Tools Pvt. Ltd (ITAT Mumbai)
ITAT Mumbai held that assessee has duly discharged identity, creditworthiness and genuineness of the transactions of receipt of share premium of Rs. 2.25 crore received from 19 share subscribers and hence addition towards unexplained cash credit u/s 68 is unsustainable.
Facts-
The A.O held that the share premium of Rs. 2.25 crore received by the assessee company were sourced out of the funds siphoned from the cha
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