No section 68 Addition if Assessee discharges his obligation & AO found no adverse material against assessee

ITO Vs Cozy Footwear Pvt. Ltd. (ITAT Delhi)

Here in this case, the assessee company has received share application money from three parties. Two of them were Directors and one was a corporate entity M/s Omexpo Enterprises Pvt. Ltd. In so far as the share application money received from Directors, the AO has held the genuine transaction of the subscriber stood satisfactorily explained. In the case of share application money for sums aggregating to Rs. 2,00,00,000/- received from M/s. Omexpo Enterprises Pvt. Ltd., first of all

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