https://www.taxtmi.com/caselaws?id=257743 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 21,00,000 under section 68 of the Income Tax Act, 1961. It found that the assessee had sufficiently proven the genuineness of the transaction and the identity of the investor, shifting the burden to the AO to disprove the claim with concrete evidence. The Tribunal criticized the AO for relying solely on information from the Investigation Wing without further verification and dismissed the revenue's appeal due to the lack of effort in verifying the information and conducting individual assessments of alleged bogus shareholders. en-us Mon, 08 Dec 2014 00:00:00 +0530 Thu, 26 Feb 2026 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257743 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 21,00,000 under section 68 of the Income Tax Act, 1961. It found that the assessee had sufficiently proven the genuineness of the transaction and the identity of the investor, shifting the burden to the AO to disprove the claim with concrete evidence. The Tribunal criticized the AO for relying solely on information from the Investigation Wing without further verification and dismissed the revenue's appeal due to the lack of effort in verifying the information and conducting individual assessments of alleged bogus shareholders. Case-Laws Income Tax Mon, 08 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257743