No addition u/s 68 as contribution to share capital was genuine

DCIT Vs Mahavir Coal Resources Pvt. Ltd. (ITAT Nagpur)

Conclusion: Addition by AO at Rs. 538 lakh under section 68 in respect to share capital contribution including share premium received was unjustified as assessee had established and satisfied all the three ingredients being identity, creditworthiness and genuineness of share capital contribution to explain credit in terms of provisions of section 68 and assessee had no obligation to explain source of source.

Held: Search action carried out under section 132(1) at the business premises as

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