2023 (1) TMI 895 - AT - Income Tax
Addition u/s 68 - credit of share capital and share premium in the books of account of the assessee - CIT-A deleted the addition - HELD THAT:- Section 68 of the Act applies to the facts of this case as a sum of money was credited, in the books of the assessee and the assessee could not prove the genuineness of these credits as well as the creditworthiness of the creditor. Hence in our view the addition has rightly been made by the A.O.
We find ourselves in agreement with the view expressed by the Kolkata Bench of the Tribunal in M/s. Blessings Commercial Pvt. Ltd. [2017 (6) TMI 1284 - ITAT KOLKATA] - Respectfully following the same, we hold that on the facts and in the circumstances of the case the Ld. AO was perfectly justified in making the impugned addition. Accordingly we set aside the order of the Ld. CIT(A) and restore the order of the Ld. AO. Appeal of the Revenue is allowed.