Addition u/s 68 unsustainable as identity, creditworthiness and genuineness of transaction established

ITO Vs Cinflex Infotech Pvt Ltd (ITAT Delhi)

ITAT Delhi held addition u/s 68 of the Income Tax Act unsustained as assessee duly satisfied the initial onus i.e. identity, creditworthiness and genuineness of the transaction established.

Facts- AO observed that the assessee has received share application money amounting to Rs. 10.89 crores from 19 share applicants. AO formed a belief that these companies were operated by a single person and these were not in existence, but op

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