Held that all the share applicants are filing their IT returns and the assessee-company has produced the share application forms and allotment letters and the bank statements of the share applicants, and all the share applicants are having substantial creditworthiness which is evident from their capital and reserves, addition under S. 68 is not sustainable. (AY. 2012-13)
ITO v. Rajshree Integrated Cold Chain (P) Ltd. (2024) 227 TTJ 513 / 38 NYPTTJ 20 (Kol)(Trib)
S. 68 : Cash credits-Share application-Substantial creditworthiness-Mere non-appearance of directors addition is not justified.