No Sec. 68 additions if assessee duly proved identity and creditworthiness of share applicants: ITAT

INCOME TAX : Where assessee-company received substantial amount of share application money which was paid through account payee cheques and share applicants provided details of their bank statements, since all basic relevant documents to prove identity, creditworthiness and genuineness of transactions entered into with share applicants were filed, impugned additions made under section 68 were to be deletedINCOME TAX : Where assessee-company received substantial amount of share application money which was paid through account payee cheques and share applicants provided details of their bank statements, since all basic relevant documents to prove identity, creditworthiness and genuineness of transactions entered into with share applicants were filed, impugned additions made under section 68 were to be deletedwww.taxmann.com Latest Case LawsRead More

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