https://www.taxtmi.com/caselaws?id=327062 The Tribunal dismissed the AO's appeal and affirmed the FAA's decision in a case challenging the addition of share capital under section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently demonstrated the legitimacy of the transactions and the creditworthiness of the subscribers. Criticizing the AO for lack of thorough investigation and failure to consider evidence, the Tribunal upheld the FAA's ruling, emphasizing the AO's burden to substantiate claims under section 68 of the Act. en-us Tue, 29 Mar 2016 00:00:00 +0530 Sun, 01 May 2016 20:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327062 The Tribunal dismissed the AO's appeal and affirmed the FAA's decision in a case challenging the addition of share capital under section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently demonstrated the legitimacy of the transactions and the creditworthiness of the subscribers. Criticizing the AO for lack of thorough investigation and failure to consider evidence, the Tribunal upheld the FAA's ruling, emphasizing the AO's burden to substantiate claims under section 68 of the Act. Case-Laws Income Tax Tue, 29 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327062