2023 (3) TMI 359 - AT - Income Tax

Addition u/s 68 - unexplained cash credit in the form of share capital and share premium - HELD THAT:- As decided in the recent decision in the case of ITO vs. Mainak Suppliers Pvt. Ltd. [2023 (2) TMI 506 - ITAT KOLKATA] we find that assessee has discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions. Accordingly, considering these facts and in the light of the judicial precedents referred above, we find no reason to interfere with the fact-based findings given by the Ld. CIT(A) and uphold his decision to delete the addition made by the Ld. AO towards share capital and share premium u/s. 68 of the Act. Accordingly, grounds taken by the revenue in this respect are dismissed.

Addition for unexplained cash seized during the course of search - CIT- A deleted the addition - HELD THAT:- As examined the audited balance sheet and find that the alleged cash seized by the Revenue authorities is duly recorded in the financial statement and is part of the cash in hand available with the assessee in the due course of business. Thus, we fail to find any infirmity in the finding of ld. CIT(A).

Appeal of revenue dismissed.