https://www.taxtmi.com/caselaws?id=270158 The Tribunal upheld the Assessing Officer's decision to add Rs. 3,46,00,000/- as unexplained share application money under Section 68 of the Income Tax Act, 1961. It found that the Commissioner of Income-tax (Appeals) erred in deleting the addition, as the assessee failed to prove the identity, creditworthiness, and genuineness of the share applicants. The Tribunal emphasized the importance of procedural fairness, noting that the AO provided ample opportunities for the assessee to substantiate its claims. Ultimately, the Tribunal reversed the CIT(A)'s decision and allowed the Revenue's appeal. en-us Fri, 11 Sep 2015 00:00:00 +0530 Wed, 30 Dec 2015 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270158 The Tribunal upheld the Assessing Officer's decision to add Rs. 3,46,00,000/- as unexplained share application money under Section 68 of the Income Tax Act, 1961. It found that the Commissioner of Income-tax (Appeals) erred in deleting the addition, as the assessee failed to prove the identity, creditworthiness, and genuineness of the share applicants. The Tribunal emphasized the importance of procedural fairness, noting that the AO provided ample opportunities for the assessee to substantiate its claims. Ultimately, the Tribunal reversed the CIT(A)'s decision and allowed the Revenue's appeal. Case-Laws Income Tax Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270158