https://www.taxtmi.com/caselaws?id=210345 The High Court dismissed both the Revenue and assessee's appeals, upholding the Tribunal's decision to delete the additions of Rs. 19.85 lacs and Rs. 2.25 lacs made by the Assessing Officer under Section 68 of the Income-Tax Act for unexplained cash credits related to share application money and loans received by the assessee during the year 2001-02. The Court affirmed the Tribunal's findings that the assessee had adequately proven the identity and creditworthiness of the creditors, including Mr. G.L. Sharma, and the genuineness of the transactions, leading to the deletion of the additions. en-us Mon, 25 Jul 2011 00:00:00 +0530 Thu, 22 Nov 2012 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210345 The High Court dismissed both the Revenue and assessee's appeals, upholding the Tribunal's decision to delete the additions of Rs. 19.85 lacs and Rs. 2.25 lacs made by the Assessing Officer under Section 68 of the Income-Tax Act for unexplained cash credits related to share application money and loans received by the assessee during the year 2001-02. The Court affirmed the Tribunal's findings that the assessee had adequately proven the identity and creditworthiness of the creditors, including Mr. G.L. Sharma, and the genuineness of the transactions, leading to the deletion of the additions. Case-Laws Income Tax Mon, 25 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210345