No Addition u/s 68 of Income Tax Act on Share Premium allowable when Identity & Creditworthiness of Share Subscribers Proved: ITAT [Read Order]

In a recent ruling, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that once the assessee has proved the identity and creditworthiness of the share subscribers,the burden shifts upon the Assessing Officer ( AO ) to examine the evidence and made independent inquiries
Income Tax Act - ITAT - Income Tax Appellate Tribunal - Income Tax News - Income Tax - taxscan

In a recent ruling, the Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) held that once the assessee has proved the identity and creditworthiness of the share subscribers,the burden shifts upon the Assessing Officer ( AO ) to examine the evidence and made independent inquiries.The Tribunal found that the addition under Section…

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