https://www.taxtmi.com/caselaws?id=267470 The HC upheld the ITAT's deletion of the addition under Section 68, ruling that the assessee had sufficiently demonstrated the identity and creditworthiness of the share applicants through adequate documentation. The AO was required to conduct inquiries before making any adverse conclusion. Citing precedent, the court held that where complete details of share applicants are provided and the AO fails to investigate, no addition can be made against the assessee. The decision favored the assessee, affirming that the Revenue may pursue action against the share applicants separately if necessary. en-us Wed, 12 Aug 2015 00:00:00 +0530 Fri, 25 Jul 2025 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267470 The HC upheld the ITAT's deletion of the addition under Section 68, ruling that the assessee had sufficiently demonstrated the identity and creditworthiness of the share applicants through adequate documentation. The AO was required to conduct inquiries before making any adverse conclusion. Citing precedent, the court held that where complete details of share applicants are provided and the AO fails to investigate, no addition can be made against the assessee. The decision favored the assessee, affirming that the Revenue may pursue action against the share applicants separately if necessary. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267470