https://www.taxtmi.com/caselaws?id=178121 The appeal filed by the revenue challenging the deletion of addition under section 68 of the Income Tax Act regarding unexplained share capital was dismissed. The CIT(A) found that the assessee had provided sufficient evidence proving the identity and creditworthiness of the share applicants, and the transactions were conducted through banking channels. The Tribunal upheld the CIT(A)'s decision, emphasizing the initial burden of proof on the assessee and the lack of contradictory evidence from the Revenue. The decision was supported by various judicial precedents, resulting in the deletion of the addition of Rs. 31,80,000. en-us Fri, 07 Jan 2011 00:00:00 +0530 Thu, 28 Jan 2016 16:54:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178121 The appeal filed by the revenue challenging the deletion of addition under section 68 of the Income Tax Act regarding unexplained share capital was dismissed. The CIT(A) found that the assessee had provided sufficient evidence proving the identity and creditworthiness of the share applicants, and the transactions were conducted through banking channels. The Tribunal upheld the CIT(A)'s decision, emphasizing the initial burden of proof on the assessee and the lack of contradictory evidence from the Revenue. The decision was supported by various judicial precedents, resulting in the deletion of the addition of Rs. 31,80,000. Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178121