Dismissing the appeal of the revenue the Tribunal held that , Share capital and share premium received from investing companies cannot be assessed as cash credits merely because it failed to produce directors of investing companies personally for confirmation, when other evidence such as their address, PAN, confirmation letters etc. was produced .(AY.2010-11)
ACIT v. Swiftsol (I) (P.) Ltd. (2018) 171 ITD 577 (Nag.) (Trib.)
S.68: Cash credits-Share capital- Share premium- Share capital and share premium received from investing companies cannot be assessed as cash credits merely because it failed to produce directors of investing companies personally for confirmation, when other evidence such as their address, PAN, confirmation letters etc. was produced . [ S.131 ]