Addition towards unexplained cash credit u/s 68 unsustainable as identity, creditworthiness and genuineness proved

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 charitable/educational institutions of Podar group. As regards the Share Valuation Report, dated 16.09.2010 prepared by D.N Shetty &a...