https://www.taxtmi.com/caselaws?id=174884 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 35,00,000/- under section 68 of the Income Tax Act, as the assessee proved the identity and genuineness of transactions. Consequently, the related commission addition of Rs. 87,500/- was also canceled. The Tribunal emphasized that once the investors' identity and genuineness are established, the burden shifts to the Revenue. The Revenue's appeal was dismissed, and the assessee's cross-objection against the case reopening was deemed infructuous and dismissed as well. en-us Fri, 22 Jul 2011 00:00:00 +0530 Tue, 27 Oct 2015 12:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174884 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 35,00,000/- under section 68 of the Income Tax Act, as the assessee proved the identity and genuineness of transactions. Consequently, the related commission addition of Rs. 87,500/- was also canceled. The Tribunal emphasized that once the investors' identity and genuineness are established, the burden shifts to the Revenue. The Revenue's appeal was dismissed, and the assessee's cross-objection against the case reopening was deemed infructuous and dismissed as well. Case-Laws Income Tax Fri, 22 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174884