No sec. 68 additions if identity of subscribers and genuineness of transaction was duly proved

INCOME TAX : Where assessee-company received share capital money from several individuals and filed various evidences and details to prove identity of share subscribers and share capital monies were directly paid to assessee by cash out of sufficient bank balances available in their bank accounts, thus, creditworthiness of subscribers and genuiness of transactions were also proved, Assessing Officer was unjustified in making addition in respect of such share capital money under section 68

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