Taxpayer’s Document Validates Identity and Transaction Genuineness: ITAT deletes Addition u/s 68 [Read Order]

The assessee furnished the evidences to prove the identity and creditworthiness of the share subscribers and genuineness of the transaction
ITAT Kolkata - ITAT - Income tax - Section 68 - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition under Section 68 of the Income Tax Act, 1961 after validating the taxpayer’s document, affirming the identity and genuineness of the transaction. The assessee has agitated against the addition of Rs.3,58,00,000/- made by the Assessing Officer treating share capital…

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