https://www.taxtmi.com/caselaws?id=261192 The Tribunal allowed the Revenue's appeal, upholding the addition of Rs. 30,00,000 under Section 68 of the Income Tax Act. It found that the assessee failed to prove the identity, genuineness, and creditworthiness of the share applicants. The Tribunal disagreed with the CIT(A)'s decision to delete the addition, emphasizing that the assessee did not adequately establish the legitimacy of the transactions. Therefore, the Tribunal ruled in favor of the Revenue, reinstating the initial addition made by the Assessing Officer. en-us Thu, 25 Jun 2015 00:00:00 +0530 Mon, 06 Jul 2015 06:40:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261192 The Tribunal allowed the Revenue's appeal, upholding the addition of Rs. 30,00,000 under Section 68 of the Income Tax Act. It found that the assessee failed to prove the identity, genuineness, and creditworthiness of the share applicants. The Tribunal disagreed with the CIT(A)'s decision to delete the addition, emphasizing that the assessee did not adequately establish the legitimacy of the transactions. Therefore, the Tribunal ruled in favor of the Revenue, reinstating the initial addition made by the Assessing Officer. Case-Laws Income Tax Thu, 25 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261192