https://www.taxtmi.com/caselaws?id=178530 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision regarding the assessment of undisclosed cash credit u/s 68 of the IT Act. The Tribunal found that the appellant provided relevant details and shifted the burden of proof to the AO, who failed to establish a link between the appellant and the share applicant companies. Judicial precedents supported that share capital amounts are outside the scope of assessment u/s 68 if received from alleged bogus shareholders. The Tribunal concluded that the AO's findings were untenable, confirming the legitimacy of the share applicants and dismissing the Revenue's appeal. en-us Fri, 10 Jun 2011 00:00:00 +0530 Mon, 08 Feb 2016 12:11:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178530 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision regarding the assessment of undisclosed cash credit u/s 68 of the IT Act. The Tribunal found that the appellant provided relevant details and shifted the burden of proof to the AO, who failed to establish a link between the appellant and the share applicant companies. Judicial precedents supported that share capital amounts are outside the scope of assessment u/s 68 if received from alleged bogus shareholders. The Tribunal concluded that the AO's findings were untenable, confirming the legitimacy of the share applicants and dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 10 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178530