Sec. 68 Addition cannot be made for mere non-compliance of notice by shareholders

DCIT Vs Bhaijee Commodities (P) Ltd. (ITAT Delhi)

It is seen that the assessee has filed sufficient documents e.g. Permanent Account Numbers, bank statements, etc. to establish the identities and creditworthiness of the two share applicants. The copies of the bank statements of the share subscribers wherein the transactions are reflected as well as the fact that they are assessed to income

Please become a Premium member. If you are already a Premium member, login here to access the full content.