https://www.taxtmi.com/caselaws?id=250569 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 4.03 crores, finding the assessee had provided substantial evidence to establish the genuineness of transactions and the identity and creditworthiness of shareholders. Additionally, the ITAT supported the admission of additional evidence by the CIT(A), stating it was necessary due to the short timeframe provided by the AO. The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s decisions and concluding that the assessee had adequately proven the legitimacy of the transactions. en-us Thu, 07 Aug 2014 00:00:00 +0530 Mon, 18 Aug 2014 20:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250569 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 4.03 crores, finding the assessee had provided substantial evidence to establish the genuineness of transactions and the identity and creditworthiness of shareholders. Additionally, the ITAT supported the admission of additional evidence by the CIT(A), stating it was necessary due to the short timeframe provided by the AO. The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s decisions and concluding that the assessee had adequately proven the legitimacy of the transactions. Case-Laws Income Tax Thu, 07 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250569