No Section 68 Addition If Taxpayer Proves Share Subscribers’ Genuineness & Creditworthiness

ITO Vs Design Deal Fashions Pvt. Ltd. (ITAT Mumbai) ITAT deletes addition made by AO of Rs. 80 Lakh against Sharee Capital Infusion of Mere Rs. 50000 The assessee argued that the Rs. 80 lakhs listed as share capital was actually invested in previous years and should not be added under section 68 of the Act. Despite the AO’s report from the Investigation Wing indicating share application money received, the assessee maintained that it had not received any such funds during the relevant financial year. The AO’s decision to add Rs. 80 lakhs was based on the alleged control of these en...