https://www.taxtmi.com/caselaws?id=269881 The High Court upheld the ITAT's decision, dismissing the Revenue's appeals challenging the deletion of additions under Section 68 of the Income Tax Act. The Court found that the Assessees had proven the genuineness of investments and the identity, genuineness, and creditworthiness of shareholders. The Revenue's allegations of 'on-money' transactions and contradictions in their stance were not substantiated. The Court held that the Assessees had met their burden under Section 68, following judicial precedents. No legal infirmity was found, and the appeals were dismissed with no costs awarded. en-us Tue, 15 Dec 2015 00:00:00 +0530 Wed, 23 Dec 2015 08:47:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269881 The High Court upheld the ITAT's decision, dismissing the Revenue's appeals challenging the deletion of additions under Section 68 of the Income Tax Act. The Court found that the Assessees had proven the genuineness of investments and the identity, genuineness, and creditworthiness of shareholders. The Revenue's allegations of 'on-money' transactions and contradictions in their stance were not substantiated. The Court held that the Assessees had met their burden under Section 68, following judicial precedents. No legal infirmity was found, and the appeals were dismissed with no costs awarded. Case-Laws Income Tax Tue, 15 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269881