No section 68 addition for Share Capital Subscription if assessee submits evidence for source of funds

DCIT Vs CDS Infra Projects Limited (ITAT Delhi)

No addition u/s 68 of income tax act 1961 in case of Share Capital Subscription if assessee submitted proper evidence for source of funds

In the present case, the A.O. has incorrectly applied the section 68 of the I.T. Act. On the facts and circumstances of the case, the appellant has undisputedly received the subscription money of Rs. 25,00,00,000/- and no unaccounted cash money is involved. Therefore, even if the share subscription money received by the appellant has the genesis of the unauthorized diversion

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