https://www.taxtmi.com/caselaws?id=326471 The Tribunal upheld the CIT(A)'s orders, deleting the additions made by the AO under Section 68 of the Income Tax Act for assessment years 2007-08 and 2008-09. The Tribunal emphasized the importance of proper inquiry and evidence, stating that uncorroborated statements and procedural lapses cannot justify such additions. The revenue's appeals were dismissed, affirming that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the share applicants, shifting the burden to the AO to disprove these documents, which the AO failed to do. en-us Fri, 04 Mar 2016 00:00:00 +0530 Sat, 16 Apr 2016 10:40:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326471 The Tribunal upheld the CIT(A)'s orders, deleting the additions made by the AO under Section 68 of the Income Tax Act for assessment years 2007-08 and 2008-09. The Tribunal emphasized the importance of proper inquiry and evidence, stating that uncorroborated statements and procedural lapses cannot justify such additions. The revenue's appeals were dismissed, affirming that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the share applicants, shifting the burden to the AO to disprove these documents, which the AO failed to do. Case-Laws Income Tax Fri, 04 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326471