Section 68 Addition for Share Capital unjustified if Creditworthiness Proved

Sanmin Trading & Holding Pvt. Ltd. Vs ITO (ITAT Kolkata)

The issue under consideration is whether addition made u/s 68 on the ground that the share capital received is seen not a genuine credit is justified in law?

ITAT states that section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature

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