Mumbai ITAT Deletes ₹23.98 Crore Section 68 Addition: Proved Share Capital Cannot Be Taxed as Unexplained Cash Credit

Chat Computers Limited Vs DCIT (ITAT Mumbai) Mumbai ITAT Deletes ₹23.98 Crore Section 68 Addition: Once Identity, Creditworthiness and Genuineness Are Proved, Share Capital Cannot Be Taxed as Unexplained Cash Credit The Mumbai ITAT deleted the addition of ₹23.98 crore made under Section 68 in respect of preference share capital received from various Kolkata-based companies, holding that the assessee had discharged the initial burden of proving the identity of the investors, their creditworthiness and the genuineness of the transactions through extensive documentary evidence. The assessee h...