ITAT deletes Addition for unexplained cash credit in the form of Share Capital & Share Premium

In the present matter the assessee had received Rs.2.50 crores from the six companies in the form of share capital and share premium and the same is added by AO as unexplained cash credit. on Appeal before ITAT it was held that –

In the case of the assessee, summons issued by the Assessing Officer to the shareholder companies were duly served upon them and the shareholder companies responded to the Assessing Officer by affirming the investment made by them in the shares of the assessee company

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