Addition u/s 68 unwarranted on failed of AO to conduct an independent enquiry

Atlantic Dealers Pvt. Ltd. Vs ITO (ITAT Kolkata) ITAT Kolkata held that addition u/s 68 unwarranted as AO failed to conduct an independent enquiry post submission of documents by the assessee relating to identity, genuineness of the transaction, and credit-worthiness of the subscribers. Facts- In the set aside assessment proceedings, AO noted that the assessee during the year has shown receipt of share application money of Rs.14,78,00,000/- on allotment of 144000/- shares to 37 share applicant companies. To verify the identity and creditworthiness of the shareholders and also about the genuine...