Case Law Details
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, challenging the deletion of additions of Rs.1,52,08,500, Rs.96 lakhs, Rs.58,10,000 and Rs.2,46,91,500 on account of bogus share capital and share premium made by A.O. by treating them as unexplained cash credits, under section 68 of the I.T. Act, 1961, respectively in all the assessment years under appeal.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
