Section 68 addition for share capital & Premium without any verification not sustainable

Seth Carbon and Alloys Private Limited Vs DCIT (ITAT Mumbai) We find that assessee by furnishing all the aforesaid documents had duly explained the nature and source of credit in the form of share capital and share premium received from the aforesaid two shareholders. From the balance sheet of the shareholders, it could be seen that they are having sufficient creditworthiness to make investment in the assessee company. Similarly all the shareholders are duly assessed to tax and had filed their income tax returns and ROC returns. This proves the identity of the shareholders. All the transaction...