https://www.taxtmi.com/caselaws?id=176932 The Tribunal allowed all appeals filed by the assessees, setting aside the CIT(A)'s order. It found that the assessees had established the legitimacy of share transactions, with payments made through legitimate means. The Tribunal noted the lack of concrete evidence linking the assessees to any wrongdoing and emphasized the genuineness of the transactions. The Revenue's action under section 68 was deemed solely based on a third party's statement without sufficient proof. Therefore, the Tribunal concluded in favor of the assessees, overturning the additions made under section 68 of the Income Tax Act. en-us Tue, 02 Jun 2015 00:00:00 +0530 Thu, 31 Dec 2015 12:36:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176932 The Tribunal allowed all appeals filed by the assessees, setting aside the CIT(A)'s order. It found that the assessees had established the legitimacy of share transactions, with payments made through legitimate means. The Tribunal noted the lack of concrete evidence linking the assessees to any wrongdoing and emphasized the genuineness of the transactions. The Revenue's action under section 68 was deemed solely based on a third party's statement without sufficient proof. Therefore, the Tribunal concluded in favor of the assessees, overturning the additions made under section 68 of the Income Tax Act. Case-Laws Income Tax Tue, 02 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176932