https://www.taxtmi.com/caselaws?id=214911 The appellate tribunal ruled in favor of the appellant regarding the addition of Rs.15,00,000 on account of share application money under section 68 of the Income Tax Act. The CIT(A) deleted the addition as the appellant provided sufficient evidence to establish the legitimacy of the investment, including PAN details, bank statements, and tax returns of the shareholders. For the cash amount, evidence of agricultural land ownership by the shareholder was presented, indicating a lawful source of funds. Additionally, the tribunal overturned the addition of Rs.26,64,000 on account of rent receivable, citing the appellant's provision of lease agreements and correspondence confirming the actual rental period, ultimately finding no fault in the appellant's reporting. en-us Fri, 08 Jun 2012 00:00:00 +0530 Fri, 20 Jul 2012 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214911 The appellate tribunal ruled in favor of the appellant regarding the addition of Rs.15,00,000 on account of share application money under section 68 of the Income Tax Act. The CIT(A) deleted the addition as the appellant provided sufficient evidence to establish the legitimacy of the investment, including PAN details, bank statements, and tax returns of the shareholders. For the cash amount, evidence of agricultural land ownership by the shareholder was presented, indicating a lawful source of funds. Additionally, the tribunal overturned the addition of Rs.26,64,000 on account of rent receivable, citing the appellant's provision of lease agreements and correspondence confirming the actual rental period, ultimately finding no fault in the appellant's reporting. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214911