Identity, Creditworthiness of Shares Subscribing Companies, Transaction Genuineness Proven: ITAT deletes addition of 40 Lakhs u/s 68 of Income Tax Act [Read Order]

The assessee has discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transaction
ITAT kolkata - Income Tax Act - Income Tax Appellate Tribunal - Section 68 of the Income Tax Act - ITAT deletes addition - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 40 lakhs under Section 68 of the Income Tax Act, 1961 as the identity, creditworthiness of the share-subscribing companies, and the genuineness of the transactions were proven.  The assessee City Shoppe Estates Limited filed its return of income…

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