ITAT deleted addition as payments were well accounted
May. 11, 2016
Assessee company received share application money from many persons/companies. AO held that receipt of the money capital was an arranged affair, the transaction was not genuine. He made addition of Rs.1,32,00,000 u/s 68. CIT(A) deleted the addition. On appeal, ITAT confirmed deletion as assessee had given details of the applicants and payments had been made by cheques, and there was no discrepancy in books of account. -501092