https://www.taxtmi.com/caselaws?id=325022 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 58,00,000 made under Section 68 of the Income Tax Act, finding that the assessee had proven the identity, creditworthiness, and genuineness of the share applicants. The Tribunal held that the principles from the Supreme Court judgment in Lovely Exports (P) Ltd. were applicable, criticizing the AO for not conducting further inquiries. The revenue's appeal was dismissed. en-us Mon, 25 Jan 2016 00:00:00 +0530 Tue, 08 Mar 2016 11:02:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325022 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 58,00,000 made under Section 68 of the Income Tax Act, finding that the assessee had proven the identity, creditworthiness, and genuineness of the share applicants. The Tribunal held that the principles from the Supreme Court judgment in Lovely Exports (P) Ltd. were applicable, criticizing the AO for not conducting further inquiries. The revenue's appeal was dismissed. Case-Laws Income Tax Mon, 25 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325022