ITAT upholds Addition in Absence of Cogent Material for genuineness of Share Application/Subscription Transaction [Read Order]

ITAT Pune - Income Tax - Share Application - Subscription Transaction - Genuineness of Share Application - taxscan

The Pune bench of Income Tax Appellate Tribunal ( ITAT ), while upholding the addition made under section 68 of the Income Tax Act, 1961 held that the assessee failed due to the absence of cogent material to prove the creditworthiness and genuineness of share application /subscription transaction. The assessee Vilson Roofing Products Pvt. Ltd filed its…

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