Dismissing the appeal of the Revenue the Tribunal held that the Assessee had filed bank statements, audited financial statements, copies of ITR etc. of shareholders so as to prove their identities and creditworthiness and genuineness of transactions. Order of CIT(A) deleting the addition was affirmed. (AY. 2011-12)
DCIT v. Karmeshwar Exim (P.) Ltd. (2022) 195 ITD 211 (Surat) (Trib.)
S. 68 : Cash credits-Share application money-Bank statements, audited balance sheet, financial statements, copies of ITR etc.-Addition is not valid.