https://www.taxtmi.com/caselaws?id=178941 The Tribunal dismissed the department's appeal and upheld the order of the ld. C.I.T.(A), confirming the deletion of the addition of Rs. 25,00,000 made by the A.O. under section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the genuineness and creditworthiness of the share applicants, shifting the burden of proof to the revenue. The decision was supported by various judicial precedents, and the Tribunal concluded that the department's suspicions lacked substantive evidence. en-us Fri, 12 Aug 2011 00:00:00 +0530 Tue, 26 Apr 2016 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178941 The Tribunal dismissed the department's appeal and upheld the order of the ld. C.I.T.(A), confirming the deletion of the addition of Rs. 25,00,000 made by the A.O. under section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the genuineness and creditworthiness of the share applicants, shifting the burden of proof to the revenue. The decision was supported by various judicial precedents, and the Tribunal concluded that the department's suspicions lacked substantive evidence. Case-Laws Income Tax Fri, 12 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178941