No Section 68 addition when identity, creditworthiness & genuineness of investors established

Kuna Impex Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

The assessee, Kuna Impex Pvt Ltd, filed a return of income for the assessment year 2011-2012, declaring a total income of Rs. 33,47,310. The tax department received information that the assessee company had received share premiums and share application money totalling Rs. 27,16,350 during the financial year 2010-2011. The Assessing Officer (AO) initiated reassessment proceedings, believing that the assessee company had introduced its own undisclosed income in the garb of high share premiums. During the assessment proceedings, the assess

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