Addition made by AO u/s 68 Not sustainable when Assessee has proved identity, Creditworthiness, and Genuineness of Share Capital transactions: ITAT [Read Order]

By Sunayana Dhal - On September 9, 2023 7:30 am - 2 mins read
Addition - ITAT - AO - Assessee - sustainable when Assessee has proved identity - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the additions made by the Assessing Officer under Section 68 of the Income Tax Act, 1961 are not sustainable when the assessee has proved the identity, creditworthiness, and genuineness of the share capital transactions. The assessee is a resident corporate entity stated to…

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