Listed Company Not Required to Prove Source of Source under Section 68

Vardhman Polytex Ltd. Vs DCIT (ITAT Chandigarh) Listed Company Not Bound to Prove Investor’s Source- Contradiction Exposed-AO Accepts Share Premium but Rejects Capital:  ITAT Deletes Addition Assessee, Vardhman Polytex Ltd., Ludhiana, is a public listed company. It issued 21.82 lakh equity shares to M/s Altfort Merchants Pvt. Ltd. (AMPL) at ₹55 each (₹10 FV + ₹45 premium) on 15.12.2014.   AO treated the share capital of ₹218.20 lakh as unexplained cash credit u/s 68, while accepting the share premium of ₹981.90 lakh received from the same investor. CIT(A) upheld the addition, ...