Additions u/s. 68 in hands of company set aside no additions made in hands of investors: ITAT Ahmedabad

Sustainable Spinning and Commodities Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards unexplained cash credit set aside as no additions made in the hands of investors confirms genuineness of investor and hence investment cannot be stated as bogus in hands of company.

Facts- During the assessment process, AO noted that the assessee company had a substantial increase in share capital amounting to Rs. 10,00,20,000/- and further the assessee company repaid unsecured loans totaling to Rs. 6,22,80,570/- dur

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