https://www.taxtmi.com/caselaws?id=235004 The Tribunal upheld the CIT (Appeals) decision to delete the addition of Rs. 1,10,00,000 made under Section 68 of the Income-tax Act, 1961, as the assessee had provided sufficient evidence of the genuineness, identity, and creditworthiness of share applicants. The Tribunal emphasized that once the initial burden of proof was discharged by the assessee, the onus shifted to the revenue, which failed to disprove the claims despite the availability of relevant details and evidence. The Tribunal relied on judicial precedents supporting the assessee's position and dismissed the revenue's appeal. en-us Tue, 30 Apr 2013 00:00:00 +0530 Sat, 02 Apr 2016 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235004 The Tribunal upheld the CIT (Appeals) decision to delete the addition of Rs. 1,10,00,000 made under Section 68 of the Income-tax Act, 1961, as the assessee had provided sufficient evidence of the genuineness, identity, and creditworthiness of share applicants. The Tribunal emphasized that once the initial burden of proof was discharged by the assessee, the onus shifted to the revenue, which failed to disprove the claims despite the availability of relevant details and evidence. The Tribunal relied on judicial precedents supporting the assessee's position and dismissed the revenue's appeal. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235004