https://www.taxtmi.com/caselaws?id=243665 The Tribunal allowed the assessee's appeal, ruling that the addition of Rs.3,15,000 as bogus share application money and charges for the assessment year 2004-05 was unjustified. The Tribunal found that the assessee had established the identity and creditworthiness of the party, with genuine transactions supported by account payee cheques and relevant documents. As the Revenue failed to provide corroborative evidence or allow cross-examination of a third party, the Tribunal held the addition to be baseless. Additionally, since the addition was deleted, the Tribunal did not address the validity of the assessment under section 147 based on the notice under section 148. en-us Mon, 03 Feb 2014 00:00:00 +0530 Fri, 07 Feb 2014 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243665 The Tribunal allowed the assessee's appeal, ruling that the addition of Rs.3,15,000 as bogus share application money and charges for the assessment year 2004-05 was unjustified. The Tribunal found that the assessee had established the identity and creditworthiness of the party, with genuine transactions supported by account payee cheques and relevant documents. As the Revenue failed to provide corroborative evidence or allow cross-examination of a third party, the Tribunal held the addition to be baseless. Additionally, since the addition was deleted, the Tribunal did not address the validity of the assessment under section 147 based on the notice under section 148. Case-Laws Income Tax Mon, 03 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243665