https://www.taxtmi.com/caselaws?id=119432 The ITAT allowed the revenue's appeal, directing the AO to re-examine the matter regarding the deletion of addition under Section 68 of the Income-tax Act, emphasizing the need for a rigorous standard of proof when share application money is received in cash. The ITAT highlighted that the assessee had only established the identity of the share applicants and lacked sufficient evidence of their creditworthiness. The ITAT set aside the CIT(A)'s order and emphasized the requirement for a more stringent standard of proof in such cases. en-us Fri, 25 May 2007 00:00:00 +0530 Wed, 11 Jul 2012 10:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119432 The ITAT allowed the revenue's appeal, directing the AO to re-examine the matter regarding the deletion of addition under Section 68 of the Income-tax Act, emphasizing the need for a rigorous standard of proof when share application money is received in cash. The ITAT highlighted that the assessee had only established the identity of the share applicants and lacked sufficient evidence of their creditworthiness. The ITAT set aside the CIT(A)'s order and emphasized the requirement for a more stringent standard of proof in such cases. Case-Laws Income Tax Fri, 25 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119432