BABA BHOOTNATH TRADE & COMMERCE LTD VS. ITO (ITAT KOLKATA)
I.T.A. NO. 1494/KOL/2017
05-04-2019

S. 68 Bogus Share Capital: The judgement in PCIT vs. NRA Iron & Steel 103 TM.com 48 (SC) is distinguishable on facts & does not apply to a case where the assessee has discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants by producing the PAN details, bank account statements, audited financial statements and Income Tax acknowledgments and the investors have shown the source of source & personally appeared before the AO in response to s. 131 summons.