https://www.taxtmi.com/caselaws?id=178989 The Revenue's appeal against the deletion of addition under section 68 of the Income Tax Act, regarding unexplained share application money, was dismissed. The court emphasized the Revenue's failure to provide substantial evidence to prove the transactions were not genuine. The burden of proof was on the Revenue to show the amounts did not belong to the creditors but to the assessee. The court highlighted the importance of evidence and proper enquiry in such cases and noted the lack of effective rebuttal by the Revenue against the documentary evidence presented by the assessee. en-us Wed, 16 May 2012 00:00:00 +0530 Wed, 17 Feb 2016 16:49:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178989 The Revenue's appeal against the deletion of addition under section 68 of the Income Tax Act, regarding unexplained share application money, was dismissed. The court emphasized the Revenue's failure to provide substantial evidence to prove the transactions were not genuine. The burden of proof was on the Revenue to show the amounts did not belong to the creditors but to the assessee. The court highlighted the importance of evidence and proper enquiry in such cases and noted the lack of effective rebuttal by the Revenue against the documentary evidence presented by the assessee. Case-Laws Income Tax Wed, 16 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178989