No addition u/s. 68 as genuineness and identity of shareholders proved

ACIT Vs Signature Global (India) Pvt Ltd (ITAT Delhi) ITAT Delhi held that addition under section 68 of the Income Tax Act not justified as genuineness and identity of shareholders proved. Accordingly, appeal of revenue dismissed and CIT(A) upheld. Facts- Assessee is engaged in the business of construction and development of affordable housing projects. During assessment proceedings, AO observed that assessee has received share capital of Rs.13,09,86,251/- (622,820 shares @ Rs.210.31 per share) from various individuals. Post analysis, AO came to the conclusion that shareholders do not have suf...