https://www.taxtmi.com/caselaws?id=260254 The tribunal quashed the orders of the AO and CIT(A) and deleted the addition of Rs. 30,00,000/- made under Section 68 of the Income Tax Act. The tribunal allowed the appeal of the assessee, emphasizing that the assessee had discharged its onus of proving the identity, creditworthiness, and genuineness of the share application money received. The tribunal also dismissed the preliminary objection raised by the DR regarding the defect in Form No. 35, citing a precedent where such procedural defects do not affect the substantial rights of the assessee. en-us Fri, 29 May 2015 00:00:00 +0530 Fri, 05 Jun 2015 14:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260254 The tribunal quashed the orders of the AO and CIT(A) and deleted the addition of Rs. 30,00,000/- made under Section 68 of the Income Tax Act. The tribunal allowed the appeal of the assessee, emphasizing that the assessee had discharged its onus of proving the identity, creditworthiness, and genuineness of the share application money received. The tribunal also dismissed the preliminary objection raised by the DR regarding the defect in Form No. 35, citing a precedent where such procedural defects do not affect the substantial rights of the assessee. Case-Laws Income Tax Fri, 29 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260254