Addition u/s. 68 not sustained as initial onus of proving identity, creditworthiness and genuineness discharged

ACIT Vs Jay Bharat Mehta (ITAT Mumbai)

ITAT Mumbai held that addition towards section 68 of the Income Tax Act deleted as assessee discharged initial onus by proving identity, creditworthiness and genuineness of transaction. Accordingly, appeal allowed.

Facts- During assessment proceedings, AO made an addition  of 1,68,55,71,440/- as unexplained cash credit u/s. 68 of the Act in respect of consideration received by the Assessee during the relevant previous year from sale of 22,62,512 equity shares of JBCPL to Tau Investment Holdings Pte. Ltd. on the ground

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