Assessee Proves Shareholder Identity and Creditworthiness, Section 68 Application Unjustified

In the case of Dharmvir Merchandise Pvt. Ltd. vs. ITO, the issue revolved around the assessment year 2012-13, where the Assessing Officer (AO) had treated the amount of fresh share capital introduced, including premium, totaling Rs. 1,40,00,000, as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The matter came before the Income Tax Appellate Tribunal (ITAT) Kolkata through an appeal filed by Dharmvir Merchandise Pvt. Ltd. (the assessee) against the order of the Commissioner of Income-tax (Appeals) [CI

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