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2018 (4) TMI 564 - AT - Income TaxAddition of share application/premium u/s 68 - identity, genuineness and creditworthiness of the investor entity Held that:- Assessee has been able to prove all three components of identity, genuineness and creditworthiness of impugned share application/premium amount of ₹ 9,99,99,900/- to have come from its group company M/s. General Capital and Holding Company Pvt. Ltd. Coupled with this, we must also observe that it has successfully produced its common Director Mr. Shah (supra) before AO alongwith all necessary details and confirmation despite the fact that such a personal appearance is required as per Section 68 (First proviso) inserted by the Finance Act, 2012 applicable w.e.f. 01.04.2013 only whereas we are dealing with assessment year 2010-11. We thus affirm the CIT(A)’s findings under challenge. - Decided against revenue
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