2020 (2) TMI 317 - ITAT MUMBAI

Addition u/s 68 - why the investors are not answering all the queries along with documents to establish their identity and creditworthiness and also genuineness of the transactions? - HELD THAT:- Respectfully following the decision of co-ordinate bench in assessee group company case, we are of the considered view that the identity, genuineness of transaction and creditworthiness of subscribers has been proved as required u/s 68 of the Act. We, therefore, direct the Ld. AO to delete additions made towards share capital and consequent commission u/s 68 - Decided in favour of assessee

Assessment u/s 153A - Addition u/s 14A r.w.s.Rule 8D - HELD THAT:- Deletion of additions made by the Ld. AO u/s 14A r.w.s.Rule 8D of I.T.Rules, 1962, on the ground that in absence of incriminating material found as a result of search no additions could be made in the assessments framed u/s 143(3) r.w.153A - Decided in favour of assessee