Addition u/s. 68 deleted as identity and creditworthiness of share capital investor established

DCIT Vs Bhawani Alumina Products Pvt. Ltd. (ITAT Kolkata)

ITAT Kolkata held that CIT(A) rightly deleted addition under section 68 of the Income Tax Act since identity and creditworthiness of share purchased duly explained. Accordingly, appeal of revenue dismissed.

Facts- The assessee being a company M/s Bhawani Alumina Products Pvt. Ltd. engaged in the business of manufacturing of Aluminium goods, having its factory at Jalan Complex and Jangalpur in Howrah and in Orissa. The return of income of the assessee was selected for scrutiny, notices u/s 143(2) and 1

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