Section 68 Addition Removed as Investor Company Proved Identity & Creditworthiness

MA Projects Pvt. Ltd Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi allowed the assessee’s appeal for Assessment Year 2011-12 and deleted an addition of Rs. 50 lakh made under Section 68 of the Income-tax Act in respect of share application money received from an investor company. The appeal arose from an order of the Commissioner of Income Tax (Appeals)-II, New Delhi, which had confirmed the addition made by the Assessing Officer. The dispute concerned whether the share application money received by the assessee company from Indian Hosiery Pvt. Ltd. could be treated as...