Indiaon Time Express (P.) Ltd. v. ACIT (2022) 192 ITD 366 (Bang.)(Trib.)

S. 68 : Cash credits-Share capital-Share premium-Promoters had sufficient funds-Directed to file bank statements of subscribers and copy of returns filed.

Tribunal held that merely by showing that funds had been received in hands of assessee through banking channels, would not establish creditworthiness of such creditors.  Matter remanded to the Assessing Officer and directed to file bank statements of creditors/subscribers and copy of returns filed by them to establish that promoters/share subscribers had sufficient funds to make payments to assessee towards share capital/share premium. (AY. 2013-14)