Furnishing of evidence in form of PAN, ITRs & financial of applicants proved genuineness of share transactions

INCOME-TAX : Where in respect of share application money received, assessee-company brought on record sufficient evidence in form of bank account particulars, PAN, ITRs and financials of share applicants so as to prove genuineness of those transactions, in such circumstances, impugned addition under section 68 could not be sustained merely on account of non-production of directors of company without bringing any other contrary material on record

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