https://www.taxtmi.com/caselaws?id=217664 The Tribunal allowed the Revenue's appeals for condonation of delay and proceeded to uphold the CIT(A) decision on the addition of share application money and unsecured loans under section 68 of the Income Tax Act. The Tribunal confirmed the deletion of penalty under section 271(1)(c) by the CIT(A), dismissing the Revenue's contentions against relying on a Supreme Court judgment. The Tribunal emphasized the Revenue's option to take legal action against individuals/investors if their investments were not verified, ultimately affirming the CIT(A) orders on all disputed issues. en-us Mon, 30 Jul 2012 00:00:00 +0530 Wed, 17 Oct 2012 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217664 The Tribunal allowed the Revenue's appeals for condonation of delay and proceeded to uphold the CIT(A) decision on the addition of share application money and unsecured loans under section 68 of the Income Tax Act. The Tribunal confirmed the deletion of penalty under section 271(1)(c) by the CIT(A), dismissing the Revenue's contentions against relying on a Supreme Court judgment. The Tribunal emphasized the Revenue's option to take legal action against individuals/investors if their investments were not verified, ultimately affirming the CIT(A) orders on all disputed issues. Case-Laws Income Tax Mon, 30 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217664