Rs.14.93 Crores Addition u/s 68 for Share Capital Premium: ITAT Deletes AO’s Addition, Upholds Genuineness of Funds

ITAT (Income Tax Appellate Tribunal) deleted the Assessing Officer's (AO) addition of ₹34 crores made under Section 68 of the Income Tax Act for share capital and premium, upholding the genuineness of the funds. Section 68 deals with unexplained cash credits. The tribunal's decision indicates that the assessee was able to provide satisfactory evidence to establish the source and genuineness of the share capital and premium received, thus negating the AO's contention of unexplained funds.