Section 68 of the Income-tax Act, 1961—Cash credit—Addition delete as there is no doubt about the genuineness of the identities of the companies which were duly recorded in the bank account.

Facts: Whether ITAT erred in upholding the order of CIT(A) and in deleting the addition ignoring the fact that the genuineness of the share capital received by the assessee was not proved and also the investor companies were not in existence on the given address as proved by spot enquiry made by the AO?

Held, that the Tribunal has gone through the relevant records and recorded categorical findings. There is no doubt about the genuineness of the identities of the companies which were duly recorded in the bank account. In view of the findings recorded by the tribunal no question of law arises. - PR. CIT V/s EMM VEE INFRASTRUCTURES (INDIA) (P.) LTD. - [2019] 9 ITCD Online 101 (ALL)