ITAT Deletes Section 68 Addition as Assessee Proved Identity, Creditworthiness & Genuineness

Shanta Blankets Pvt. Ltd. Vs ITO (ITAT Delhi) The appeals were filed by five assessees against separate orders of the Commissioner of Income Tax (Appeals) for Assessment Year 2016-17. The common issues before the Tribunal were whether the Commissioner (Appeals) was justified in confirming additions under Section 68 in respect of share capital and share premium received by the assessees, and whether the Commissioner (Appeals) was justified in enhancing income under Section 251(1) read with Section 56(2)(viib) on a protective basis after rejecting the valuation reports furnished under Rule 11UA(...