Addition towards unexplained cash credit unsustainable as identity & creditworthiness proved

Shree Automotive Pvt. Ltd. Vs DCIT (ITAT Kolkata) ITAT Kolkata held that addition under section 68 towards unexplained cash credit unsustainable as assessee has discharged its onus to prove the identity and creditworthiness of the share subscribing company. Facts- The assessee is engaged in the business as authorised dealer and service centre of Ashok Leyland Ltd. and Mahindra & Mahindra Ltd. Assessee deals in trading i.e. purchase and sale of vehicles and its spares. It is also engaged in providing servicing of vehicles. Return for the year was filed on 28.09.2012 reporting total income o...