Share capital/premium can't be taxed u/s 68 if assessee proves genuineness, investor identity & creditworthiness via documents.

The ITAT allowed the assessee's appeal. The assessee furnished all evidence proving identity, creditworthiness of investors, and genuineness of transactions regarding share capital/premium u/s 68. Despite investors not appearing before AO or complying with summons u/s 131, AO did not comment on evidence filed by assessee. Relying on Orchid Industries and Crystal Networks, ITAT held that Section 68 cannot be invoked where assessee produced documents establishing genuineness, identity and creditworthiness, despite non-compliance with summons. .....

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