https://www.taxtmi.com/caselaws?id=236721 The Tribunal upheld the CIT(A)'s decision to delete the additions made by the Assessing Officer under Section 68 of the Income Tax Act. The Tribunal found that the assessee had provided sufficient evidence to establish the identity and creditworthiness of the share applicants, and the AO's failure to conduct thorough inquiries or provide specific adverse material to the assessee violated principles of natural justice. The Tribunal also dismissed the assessee's cross-objections regarding jurisdiction and limitation as academic, ultimately affirming the deletion of the additions and emphasizing procedural irregularities by the AO. en-us Fri, 14 Jun 2013 00:00:00 +0530 Fri, 06 Sep 2013 09:13:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236721 The Tribunal upheld the CIT(A)'s decision to delete the additions made by the Assessing Officer under Section 68 of the Income Tax Act. The Tribunal found that the assessee had provided sufficient evidence to establish the identity and creditworthiness of the share applicants, and the AO's failure to conduct thorough inquiries or provide specific adverse material to the assessee violated principles of natural justice. The Tribunal also dismissed the assessee's cross-objections regarding jurisdiction and limitation as academic, ultimately affirming the deletion of the additions and emphasizing procedural irregularities by the AO. Case-Laws Income Tax Fri, 14 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236721