ITAT Deletes ₹6 Cr Addition as Share Sale Transactions Were Through Banking Channels

ACIT Vs Jotindra Steel & Tubes Ltd. (ITAT Delhi) ITAT Rejects Unexplained Cash Addition Due to Lack of Direct Evidence; ITAT Rules Share Sale Proceeds Cannot Automatically Be Treated as Cash Credits; ITAT Upholds Deletion of Addition Based on Alleged Accommodation Entry Transactions; ITAT Accepts Foreign Share Application Money Supported by RBI Compliance Records; ITAT Says Additions Cannot Be Made Solely on Presumptions from Seized Excel Files; ITAT Dismisses Revenue Appeal After Finding No Defect in CIT(A)’s Findings; ITAT Holds Section 68 Addition Unsustainable Where Share Transaction...