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ITAT deleated sec. 68 additions as assessee duly proved genuineness of share applicant

September 11, 2019[2019] 108 276 (Kolkata - Trib.)/[2019] 178 ITD 402 (Kolkata - Trib.)

INCOME TAX : Where AO made addition to assessee's income under section 68 in respect of share application money received from various applicants, in view of fact that assessee had provided details of name, address, PAN of share applicants together with copies of their balance sheets and returns and, moreover, amount had been received by account payee cheques out of sufficient bank balances maintained by of share applicants, impugned addition deserved to be deleted
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