https://www.taxtmi.com/caselaws?id=253158 The Tribunal held that the assessee successfully proved the genuineness of the share application money and the creditworthiness of the investor company. The revenue authorities failed to conduct necessary enquiries or investigations to counter the evidence provided by the assessee. Relying on relevant case laws, the Tribunal concluded that the burden of proof had shifted to the revenue. Consequently, the addition of Rs. 50,00,000 under Section 68 of the Income Tax Act was deleted, and the appeal of the assessee was allowed. en-us Fri, 21 Mar 2014 00:00:00 +0530 Mon, 17 Nov 2014 06:14:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253158 The Tribunal held that the assessee successfully proved the genuineness of the share application money and the creditworthiness of the investor company. The revenue authorities failed to conduct necessary enquiries or investigations to counter the evidence provided by the assessee. Relying on relevant case laws, the Tribunal concluded that the burden of proof had shifted to the revenue. Consequently, the addition of Rs. 50,00,000 under Section 68 of the Income Tax Act was deleted, and the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 21 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253158