https://www.taxtmi.com/caselaws?id=119061 The Tribunal ruled in favor of the assessee, directing the deletion of the addition of Rs. 7 lakhs under section 68 of the IT Act. The Tribunal found that the Assessing Officer erred in not accepting the documentation provided by the assessee to prove the identity and creditworthiness of the shareholders. It emphasized that the burden of proof had shifted to the revenue, which failed to disprove the affidavits and evidence presented by the assessee. The Tribunal highlighted the genuineness of the transactions through banking channels and the regular assessment of the shareholders for income tax as supporting evidence. en-us Wed, 20 Apr 2005 00:00:00 +0530 Sat, 07 Jul 2012 17:32:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119061 The Tribunal ruled in favor of the assessee, directing the deletion of the addition of Rs. 7 lakhs under section 68 of the IT Act. The Tribunal found that the Assessing Officer erred in not accepting the documentation provided by the assessee to prove the identity and creditworthiness of the shareholders. It emphasized that the burden of proof had shifted to the revenue, which failed to disprove the affidavits and evidence presented by the assessee. The Tribunal highlighted the genuineness of the transactions through banking channels and the regular assessment of the shareholders for income tax as supporting evidence. Case-Laws Income Tax Wed, 20 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119061