Kolkata ITAT deletes Share Premium Addition as identity & creditworthiness of Subscriber Companies proved

Sharda Ferro Works Pvt. Ltd. Vs DCIT (ITAT Kolkata) The case of Sharda Ferro Works Pvt. Ltd. vs. DCIT (ITAT Kolkata) revolves around the contentious issue of unexplained cash credit under section 68 of the Income-tax Act, 1961. The appellant, Sharda Ferro Works Pvt. Ltd., contested the addition of Rs. 2,05,50,000 as unexplained cash credit by the Assessing Officer (AO). The appellant provided substantial evidence to establish the legitimacy of the transactions. However, the AO, without adequate investigation, added the amount as unexplained cash credit. The matter was appealed before the Commi...