Section 68 addition not sustainable if Assessee discharges primary onus by submitting sufficient documentary evidence

ITO Vs Hanumant Ingots Pvt. Ltd. (ITAT Raipur) Facts- The assessee had filed its ROI for the AY 2012-13 on 26.09.2012, declaring an income of Rs.2,82,249/-. Subsequently, the case of the assessee was selected for scrutiny assessment u/s.143(2) of the Act. During the course of the assessment proceedings, it was observed by the A.O that the assessee during the year under consideration, i.e., its first year of operation was in receipt of share capital/premium amounting to Rs.66,65,000/- from 16 persons. Also, it was noticed by him that the assessee had during the year under consideration raised l...