No addition u/s 68 of ₹2.30 Crore as assessee had duly discharged burden of proof of share transactions

Shankar Traders & Distributors Pvt Ltd Vs ITO (ITAT Kolkata)

Conclusion: Where assessee had successfully discharged the burden of proof primarily casted upon it to explain the identity and creditworthiness of all the alleged thirteens share applicants / shareholder and genuineness of the share transactions and correctness of such details had not been disputed by Revenue Authorities except making general observations, no addition u/s 68 was justified.

Held: Assessee was a private limited company registered as a non-banking finance company

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