Provisions of section 68 not attracted as investment by investor companies explained

ACIT Vs Surya Global Steel Tubes Ltd (ITAT Delhi)

ITAT Delhi held that provisions of section 68 of the Income Tax Act are not attracted as the investment by the investor companies is duly explained. Further, identity, genuineness of transactions and creditworthiness of investor companies duly proved.

Facts- The AO primarily based on the statements of Sh. Babu Lal Banka (Entry Operator) and the Directors of the investor companies) and many others held, relying on the enquires and the information gather

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