https://www.taxtmi.com/caselaws?id=246843 The Appellate Tribunal ITAT Delhi dismissed the Revenue's appeal and upheld the deletion of an addition of Rs.23,50,000/- made by the Assessing Officer under section 68 of the IT Act, 1961 for the assessment year 2003-04. The Tribunal found that the assessee had sufficiently proven the creditworthiness of the share application money through evidence of identity, creditworthiness, and genuineness of transactions with the share applicants. The Tribunal emphasized that the creditors were income tax assesses, provided PAN and tax returns, and the transactions were conducted via cheques, supporting the authenticity of the transactions. en-us Fri, 25 Oct 2013 00:00:00 +0530 Thu, 24 Apr 2014 08:02:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246843 The Appellate Tribunal ITAT Delhi dismissed the Revenue's appeal and upheld the deletion of an addition of Rs.23,50,000/- made by the Assessing Officer under section 68 of the IT Act, 1961 for the assessment year 2003-04. The Tribunal found that the assessee had sufficiently proven the creditworthiness of the share application money through evidence of identity, creditworthiness, and genuineness of transactions with the share applicants. The Tribunal emphasized that the creditors were income tax assesses, provided PAN and tax returns, and the transactions were conducted via cheques, supporting the authenticity of the transactions. Case-Laws Income Tax Fri, 25 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246843