https://www.taxtmi.com/caselaws?id=263822 The ld. CIT(A) deleted the addition of Rs. 44,00,000 on account of unexplained share capital under section 68 of the IT Act, 1961, as the assessee provided sufficient evidence proving the genuineness of the transactions. Additionally, the ld. CIT(A) also deleted the addition of Rs. 3,12,000 made on account of disallowance of salary expenses, emphasizing the necessity of such expenses for operational businesses. The tribunal remanded both issues back to the AO for reevaluation due to discrepancies in the evidence provided, allowing the department's appeal for statistical purposes. en-us Fri, 03 Jul 2015 00:00:00 +0530 Fri, 11 Sep 2015 07:51:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263822 The ld. CIT(A) deleted the addition of Rs. 44,00,000 on account of unexplained share capital under section 68 of the IT Act, 1961, as the assessee provided sufficient evidence proving the genuineness of the transactions. Additionally, the ld. CIT(A) also deleted the addition of Rs. 3,12,000 made on account of disallowance of salary expenses, emphasizing the necessity of such expenses for operational businesses. The tribunal remanded both issues back to the AO for reevaluation due to discrepancies in the evidence provided, allowing the department's appeal for statistical purposes. Case-Laws Income Tax Fri, 03 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263822