Revenue’s Section 68 Challenge Rejected on Evidence and Repayment

CIT Vs GLIX Securities Private Limited (ITAT Kolkata) Share Capital & Loans Fully Explained – 9.35 Cr u/s 68 Addition Collapses: Documents Win, Suspicion Fails – Once Identity, Creditworthiness & Genuineness Proved, 68 Cannot Survive Revenue reopened Assessee’s case alleging that share capital/premium of ₹2,25,00,000 & unsecured loans of ₹7,10,00,000 were routed through shell companies & therefore liable to addition u/s 68. AO held that though Assessee furnished complete evidences—names, PAN, addresses, audited accounts, bank statements—summons u/s 131 wer...