Addition u/s. 68 towards bogus share capital/ premium deleted as genuineness of transaction proved

PCIT Central-1 Vs Wise Investment Private Limited (Calcutta High Court)

Calcutta High Court held that addition u/s. 68 of the Income Tax Act towards bogus share capital and share premium duly deleted by CIT(A) since identity and creditworthiness of the share subscribers alongwith genuineness of transactions duly proved.

Facts- In the opinion of AO, the share premium as fixed by the assessee was abnormally high and considering the financial strength of the assessee company, the genuineness of the share transaction, identity and creditworthiness has not been e

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