https://www.taxtmi.com/caselaws?id=326099 The Tribunal upheld the Ld. CIT (A)'s decision and dismissed the department's appeal. The addition of Rs. 76,00,000 as unexplained share capital under Section 68 of the Income Tax Act was deemed explained. The Tribunal found that the assessee had provided necessary details, discharged the burden of proof, and no discrepancies were found in their accounts. The department was free to reopen assessments of alleged bogus shareholders. The appeal was dismissed, and the order was pronounced on 31/03/2016. en-us Thu, 31 Mar 2016 00:00:00 +0530 Wed, 06 Apr 2016 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326099 The Tribunal upheld the Ld. CIT (A)'s decision and dismissed the department's appeal. The addition of Rs. 76,00,000 as unexplained share capital under Section 68 of the Income Tax Act was deemed explained. The Tribunal found that the assessee had provided necessary details, discharged the burden of proof, and no discrepancies were found in their accounts. The department was free to reopen assessments of alleged bogus shareholders. The appeal was dismissed, and the order was pronounced on 31/03/2016. Case-Laws Income Tax Thu, 31 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326099