https://www.taxtmi.com/caselaws?id=252748 The Tribunal upheld the CIT(A)'s decision to delete additions made under Section 68 of the Income-tax Act, 1961 for unexplained share application money received by the assessee companies. The Tribunal found that the companies had established the identity, creditworthiness, and genuineness of the transactions with the share applicant companies. The AO's doubts regarding creditworthiness were deemed unfounded based on the financial statements provided. As a result, the appeals by the Revenue were dismissed, and the deletions of additions were upheld. en-us Fri, 17 Oct 2014 00:00:00 +0530 Mon, 03 Nov 2014 06:07:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252748 The Tribunal upheld the CIT(A)'s decision to delete additions made under Section 68 of the Income-tax Act, 1961 for unexplained share application money received by the assessee companies. The Tribunal found that the companies had established the identity, creditworthiness, and genuineness of the transactions with the share applicant companies. The AO's doubts regarding creditworthiness were deemed unfounded based on the financial statements provided. As a result, the appeals by the Revenue were dismissed, and the deletions of additions were upheld. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252748