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2021 (1) TMI 728 - ITAT MUMBAIAddition u/s 68 - unexplained cash credit - as per revenue large amount of share premium gives rise to suspicion on the genuineness (identity) of the shareholders i.e. they are bogus - HELD THAT:- Assessee has given all the necessary details required for establishment of identity creditworthiness and genuineness under extant provisions of section 68 of the IT Act. The onus cast upon the assessee stands discharged. The addition by invoking amended provisions of section 68 of the Act which are not applicable for the assessment year is not sustainable. The decisions relied upon by the Revenue are not applicable on the facts of this case. Hence in our considered opinion the addition under section 68 is not sustainable. Hence we set aside the orders of authorities below and delete the addition - Decided in favour of assessee.
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