https://www.taxtmi.com/caselaws?id=216130 The Appellate Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 45 lakhs under section 68, as the appellant adequately explained that the funds transferred from share application money to the unsecured loan account were not a fresh introduction of money during the relevant assessment year. The Tribunal found no new unsecured loan was taken, verifying the identity and genuineness of share applicants and confirming transactions through banking channels. The Tribunal concluded that the addition under section 68 was unjustified, dismissing the Revenue's appeal. en-us Tue, 12 Jun 2012 00:00:00 +0530 Sat, 25 Aug 2012 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216130 The Appellate Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 45 lakhs under section 68, as the appellant adequately explained that the funds transferred from share application money to the unsecured loan account were not a fresh introduction of money during the relevant assessment year. The Tribunal found no new unsecured loan was taken, verifying the identity and genuineness of share applicants and confirming transactions through banking channels. The Tribunal concluded that the addition under section 68 was unjustified, dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 12 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216130