No addition of unexplained credit u/s 68 without prima-facie enquiry by AO

ITO Vs Randeep Investment (P) Ltd. (ITAT Mumbai) Conclusion: Addition made under section 68 on account of share capital received by assessee as unexplained credit was to be deleted in absence of any material or inquiry conducted by  AO that the issuing companies were non-existing entities or a paper company and AO had not brought material on record to dislodge the veracity of the evidences filed by assessee. Held: AO noted that Shri SK Gupta was providing accommodation entries to various beneficiaries through different mediators by charging commission and assessee had provided cash to obtain ...