DCIT v. Mahalaxmi TMT (P.) Ltd. (2021) 190 ITD 582 (Pune)(Trib.)

S. 68 : Cash credits-Share capital and share premium-Copy of bank statements, confirmation of parties copy of ITR along with balance sheet was furnished-Deletion of addition was held to be justified.

Held that the assessee had furnished necessary details such as confirmation of parties, copy of ITR and bank statement of parties along with their balance sheet, share certificate, etc. in support of identity and creditworthiness of parties and genuineness of transaction-Further, all transactions were carried out through banking channel.  Details filed by assessee were cross verified by revenue from respective parties and no infirmity was pointed out in same. The order of CIT (A) deleting the addition was affirmed.   (AY. 2010-11)