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2024 (2) TMI 212 - ITAT DELHIAddition u/s 68 - share capital and share premium - addition in hands of promoter or assessee company - CIT(A) deleted addition as assessee has discharged the onus of establishing identity and creditworthiness of the creditor and genuineness of transaction - HELD THAT:- It is not in dispute that the assessee company was incorporated and started his broadcasting business during the year. It was the assessee company’s first year of business. In such a fact scenario, in our humble opinion, if addition at all was to be made, it should have been made in the hands of the promoter; it cannot be made in the hands of the assessee company. Coming to the merits of the impugned addition, during the course of appellate proceedings the assessee gave a list of 8 documents in support of his explanation as to the nature and source of credit entries appearing in the books of the assessee company. It was asserted that all the payments from Sh. Vinod Kumar Sharma came through banking channels into the bank account of the assessee company; that the creditor is Income Tax payee and has adequate financial resources and that his identity and creditworthiness has been fully established. Perusal of the CIT’s order shows that he has dealt with all the points raised by the Ld. A.O in support of the impugned addition negating them all. We do not find any legal substance in the arguments of the Ld. Sr. DR. The appeal of the Revenue is bereft of any merit. Decided against revenue.
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