https://www.taxtmi.com/caselaws?id=217099 The Tribunal allowed the appeal in part for statistical purposes, emphasizing the importance of proper inquiry and establishment of shareholder identities in cases involving additions under section 68 for unexplained credits. The Tribunal set aside previous orders and restored the matter to the Assessing Officer for a fresh decision in accordance with the law, citing the case of Lovely Exports. The Tribunal found that the appellant failed to provide confirmation of shares allotted to shareholders and did not verify the genuineness of the transactions, highlighting the necessity of fulfilling these requirements. en-us Fri, 13 Jul 2012 00:00:00 +0530 Fri, 24 May 2013 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217099 The Tribunal allowed the appeal in part for statistical purposes, emphasizing the importance of proper inquiry and establishment of shareholder identities in cases involving additions under section 68 for unexplained credits. The Tribunal set aside previous orders and restored the matter to the Assessing Officer for a fresh decision in accordance with the law, citing the case of Lovely Exports. The Tribunal found that the appellant failed to provide confirmation of shares allotted to shareholders and did not verify the genuineness of the transactions, highlighting the necessity of fulfilling these requirements. Case-Laws Income Tax Fri, 13 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217099