Addition of bogus share capital merely for non- production of directors unjustified

ITO Vs Blisswood Green Infrastructure and Developers Pvt. Ltd. (ITAT Delhi) Conclusion: Addition under section 68 on account of bogus share capital was unjustified as the identity and creditworthiness of share subscribers and genuineness of receipt of share capital stood established and non-production of directors of subscriber companies could not be a sole ground to make addition. Held: Assessee company was engaged in the business of real estate agents, dealers in land, plots, buildings etc. and also in generation of power through wind mill and agricultural activity. In the assessment procee...