Defunct companies at the time of assessment have resurrected back to life after statutory compliances were fulfilled, addition u/s 68 sustained

Brief of the case: In the case of ACIT Vs. Prem Castings Pvt. Ltd. ITAT, Delhi Bench reversed the order of CIT (A) who deleted addition of Rs. 3,46,00,000/- after relying upon the decision of Hon’ble SC in the case of Lovely Exports (216 CTR 195) in which it was held that once the assessee has produced documents regarding identity, genuineness and creditworthiness of the share applicants, the onus of proving share application as bogus shifts on the revenue and department is free of open the assessment of share applicant but cannot made addition in the hands of the assessee. Tribunal also exp...