Genuineness of ₹2.06 Crore Share Capital Received: ITAT Upholds CIT(A) Decision, Deletes Addition u/s 68

The ITAT upheld the CIT(A)’s decision to delete an addition under Section 68 concerning ₹2.06 crore of share capital received by a company. The revenue department had challenged the legitimacy of the share capital, arguing that it was not adequately explained. However, the ITAT found that the assessee had provided sufficient evidence to establish the genuineness of the share capital and that the CIT(A) had rightly deleted the addition. This decision reaffirms the importance of proper documentation and transparency in capital raising activities, as well as the tribunal's approach to protecting taxpayers from unjustified additions.