https://www.taxtmi.com/caselaws?id=169608 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to delete the additions under section 68 of the Income-tax Act, 1961. The Tribunal found that the assessee provided satisfactory explanations and confirmation letters from the creditors, who were also income tax assessees. It was determined that the creditworthiness of the investors, not the assessee-company, should have been questioned. The Tribunal dismissed the Revenue's appeals, affirming that the share application money could not be treated as unexplained income of the assessee-company. en-us Fri, 22 Feb 2013 00:00:00 +0530 Sat, 25 Apr 2015 19:30:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169608 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to delete the additions under section 68 of the Income-tax Act, 1961. The Tribunal found that the assessee provided satisfactory explanations and confirmation letters from the creditors, who were also income tax assessees. It was determined that the creditworthiness of the investors, not the assessee-company, should have been questioned. The Tribunal dismissed the Revenue's appeals, affirming that the share application money could not be treated as unexplained income of the assessee-company. Case-Laws Income Tax Fri, 22 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169608