Unexplained money u/s. 68 restored back as basic ingredients satisfactorily not explained

Sarthak Ispat Pvt. Ltd. Vs ACIT (ITAT Raipur)

ITAT Raipur held that matter regarding unexplained money addition under section 68 of the Income Tax Act restored back as basic ingredients required u/s 68, i.e., identity / creditworthiness of the investors and genuineness of transactions not satisfactorily explained.

Facts- Vide the present appeal the assessee has mainly contested confirming the addition of Rs. 3.25 Crore made by Ld. AO under section 68 of the Act, treating the same as unexplained cash credit on account of share capital / share premium receive

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