Creditworthiness of Share Subscribers Proven: ITAT Deletes Addition

Wisley Real Estate Pvt. Ltd Vs Income Tax Officer (ITAT Kolkata) The case pertains to an appeal filed by Wisley Real Estate Pvt. Ltd against the order passed by the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NFAC), Delhi, on November 13, 2023, for the assessment year 2012-13. The main issues raised by the assessee were the confirmation of an addition of Rs. 1,76,87,500 as unexplained cash credit under Section 68 of the Income Tax Act, 1961, and the charging of interest under Section 234B of the same Act. Case Facts Wisley Real Estate Pvt. Ltd, a private lim...