Addition u/s 68 confirmed as amount credited in books lack genuineness

Suncap Commodities Private Limited Vs DCIT (ITAT Mumbai) The assessee was used as a conduit company along with other companies to violate the provisions of minimum public shareholding criteria under SEBI Laws. Accordingly, addition confirmed as the amounts credited in the books of accounts of assessee lack genuineness. Facts- The assessee filed its ROI on 28/9/2012 declaring a total loss of ₹ 4,768,824/–. ROI was processed u/s 143 (1) of the act. Subsequently the case of the assessee was picked up for scrutiny and notice u/s 143 (2) of the act was issued on 6/8/2013. During the course of a...