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2024 (3) TMI 516 - ITAT KOLKATAAddition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction - CIT(A) deleted the addition - HELD THAT:- We fail to find any infirmity in the finding of ld. CIT(A) who has examined the facts of the case in order to come to a conclusion that a genuine transaction of investment was carried out by the alleged share applicants in the equity of the assessee company and the identity of the share applicants is not in doubt as they are all private limited companies duly registered with Ministry of Corporate Affairs and creditworthiness of the transactions is supported by the fact that they have been routed through banking channel and source of the alleged sum is from the financial liquidity available with the investor companies having sufficient net worth to make the investment in the equity share capital of the assessee company. Thus, the alleged transaction is not fit to be covered under the provisions of Section 68 of the Act. We are inclined to hold that all the necessary documentary evidences have been placed on record which are sufficient enough to prove the identity and creditworthiness of the share subscribers and genuineness of the transaction and the assessee has successfully discharged its onus of explaining the source of alleged sum. Thus, we fail to find any infirmity in the finding of ld. CIT(A) deleting the impugned addition made u/s 68 - Decided in favour of assessee.
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