Held that identity and creditworthiness of the share applicants, and genuineness of the transactions as provided under section 68 of the Act, the Commissioner (Appeals) was right in deleting the addition made. Shareholders and directors of companies not attending in response to summons-Not ground to tax credits. (AY. 2012-13)
Dy. CIT v. Narsingh Ispat Ltd. (2023)106 ITR 453 / 156 taxmann.com 344 (Kol) (Trib) Editorial : Affirmed in PCIT v. Narsingh Ispat Ltd [2024] 161 taxmann.com 483 / 463 ITR 566 (Cal)(HC)
S. 68 : Cash credits-Share Capital-Furnished bank statements, audited accounts and computations of income-Companies’ cases subjected to scrutiny assessment-Source of source explained-Shareholders and directors of companies not attending in response to summons-Not ground to tax credits. [S. 131]