S.68 Addition cannot be made merely because Investor Company was from Kolkata

ACIT Vs. TRN Energy Pvt. Ltd (ITAT Delhi) Section 68- Bogus share capital: Assessee- company produced sufficient documentary evidence before A.O. to prove the ingredients of Section 68 of the I.T. Act. The A.O. however, did not make any further inquiry on the documents filed by the assessee- company. The A.O. thus, failed to conduct any inquiry and scrutiny of the documents at assessment stage and merely suspected the transaction between the Investor Company and assessee- company because the Investor Company was from Kolkata. The A.O. thus, did not perform his duties at the assessment stage so...