https://www.taxtmi.com/caselaws?id=77451 The court upheld the ITAT's decision to delete the addition of Rupees Sixteen Lacs made by the Assessing Officer under Section 68 of the Income Tax Act, 1961 for the Assessment Year 2003-2004. The court found that the assessee provided sufficient evidence to establish the identity and genuineness of the share applicants, who were corporate entities with proper documentation. Relying on the precedent set in Commissioner of Income Tax v. Lovely Exports (P) Ltd., the court dismissed the appeal, stating there was no substantial question of law, and upheld the ITAT's decision. en-us Mon, 02 Aug 2010 00:00:00 +0530 Thu, 16 Sep 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77451 The court upheld the ITAT's decision to delete the addition of Rupees Sixteen Lacs made by the Assessing Officer under Section 68 of the Income Tax Act, 1961 for the Assessment Year 2003-2004. The court found that the assessee provided sufficient evidence to establish the identity and genuineness of the share applicants, who were corporate entities with proper documentation. Relying on the precedent set in Commissioner of Income Tax v. Lovely Exports (P) Ltd., the court dismissed the appeal, stating there was no substantial question of law, and upheld the ITAT's decision. Case-Laws Income Tax Mon, 02 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77451