Sec. 68 addition unjustified when assessee explains both nature & source of share capital

M/s. Baba Bhootnath Trade & Commerce Ltd. Vs ITO (ITAT Kolkata) Conclusion: Since assessee had explained both the nature & source of share capital received with premium and also submitted PAN details, bank account statements, audited financial statements and Income Tax acknowledgments to prove the identity, creditworthiness and genuineness of the share applicants, therefore, addition under section 68 was unjustified. Held: Assessee issued part of the equity shares during the year at a premium and the total share capital and share premium received during the financial year was Rs 2,04,...