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Addition U/s. 68 for Receipt of share capital not justified when Identity, creditworthiness & genuineness proved
Case Law Details
- Case Name
- Asstt. CIT Vs Ravnet Solutions (P.) Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-06 to 2008-09
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Ravnet Solutions (P.) Ltd. (ITAT Delhi)
Where assessee, in receipt of share capital, had established onus cast on it to explain identity and creditworthiness of subscribers and genuineness of impugned share transactions by filing evidences such as copies of confirmations, ITRs, PANs and bank statements, etc. AO was not justified in making addition under section 68.
FULL TEXT OF THE ITAT JUDGMENT
All the appeals by Revenue are directed against different Orders of the Ld. CIT(A)-XXXII, New Delhi, Dated 17th September, 2013, for the A.Ys. 2005-2006, 2006-2007, 20072008 and 2008-2009,...
