https://www.taxtmi.com/caselaws?id=236067 The Court upheld the addition of Rs. 30,52,700 as unexplained credit under Section 68 of the Income Tax Act due to the assessee's failure to provide necessary documents for certain shareholders. However, the Court deleted Rs. 58,29,200 on account of share application money as the assessee had provided sufficient details shifting the onus. Additionally, a 10% disallowance of certain expenses was reduced to Rs. 2,40,880 by the Court, citing lack of proper verification and maintenance of vouchers. Both the assessee's and Revenue's appeals were dismissed, confirming the CIT(A)'s order. en-us Fri, 26 Jul 2013 00:00:00 +0530 Tue, 13 Aug 2013 13:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236067 The Court upheld the addition of Rs. 30,52,700 as unexplained credit under Section 68 of the Income Tax Act due to the assessee's failure to provide necessary documents for certain shareholders. However, the Court deleted Rs. 58,29,200 on account of share application money as the assessee had provided sufficient details shifting the onus. Additionally, a 10% disallowance of certain expenses was reduced to Rs. 2,40,880 by the Court, citing lack of proper verification and maintenance of vouchers. Both the assessee's and Revenue's appeals were dismissed, confirming the CIT(A)'s order. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236067