https://www.taxtmi.com/caselaws?id=257416 The Tribunal upheld the CIT(A)'s decision to delete the Rs. 14,50,000 addition made by the AO under Section 68. The Tribunal found that the assessee had proven the genuineness of the share application money received, shifting the burden to the revenue to disprove the claim. Citing the Supreme Court's judgment in Lovely Exports (P) Ltd., the Tribunal dismissed the department's appeal, noting the lack of evidence provided by the revenue to counter the assessee's evidence. en-us Wed, 18 Feb 2015 00:00:00 +0530 Wed, 04 Mar 2015 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257416 The Tribunal upheld the CIT(A)'s decision to delete the Rs. 14,50,000 addition made by the AO under Section 68. The Tribunal found that the assessee had proven the genuineness of the share application money received, shifting the burden to the revenue to disprove the claim. Citing the Supreme Court's judgment in Lovely Exports (P) Ltd., the Tribunal dismissed the department's appeal, noting the lack of evidence provided by the revenue to counter the assessee's evidence. Case-Laws Income Tax Wed, 18 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257416