Sec 68 Share Capital Addition Deleted; Round-Tripping Allegation Without Evidence Rejected: ITAT Mumbai

Runwal Commercial Assets Pvt. Ltd. Vs ITO (ITAT Mumbai) Sec 68 Addition on Share Capital Deleted – Round-Tripping Allegation & Lack of Commercial Expediency Not Sufficient Without Evidence – ITAT Mumbai AO treated ₹85.90 Cr received towards share capital as unexplained cash credit u/s 68 alleging round-tripping of funds within group entities and absence of commercial substance. CIT(A) upheld addition holding that identity alone is not sufficient and assessee failed to prove creditworthiness & genuineness beyond banking trail. ITAT held that identity of subscriber, genuineness...