Taxpayer Provides Adequate and Credible Evidence on Identity, Creditworthiness and Genuineness of Share Subscription Transactions: ITAT deletes addition u/s 68 [Read Order]
The appellant has duly discharged its onus under Section 68 to establish the identity of the creditor, creditworthiness of the source of fund and source of source of fund and also genuineness of the transaction in respect of share subscription money received by it
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under Section 68 of Income Tax Act, 1961 after the taxpayer provided adequate and credible evidence on their identity, creditworthiness, and the genuineness of the share subscription transactions. The assessee CDS Infra Projects Limited was a private limited company, engaged…
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