https://www.taxtmi.com/caselaws?id=327480 The CIT(A) and appellate tribunal ruled in favor of the appellant in a case concerning additions made by the AO. The first issue regarding redeemable preference share capital of Rs. 14 crores was deleted as the CIT(A) accepted the genuineness of the transactions and compliance with the Companies Act. The second issue of an unexplained cash credit from a loan taken was also deleted due to evidence of the transaction in the audited accounts of the lender, proving identity and creditworthiness. The appellate tribunal upheld these decisions, resulting in the dismissal of the revenue's appeal. en-us Wed, 30 Mar 2016 00:00:00 +0530 Sat, 07 May 2016 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327480 The CIT(A) and appellate tribunal ruled in favor of the appellant in a case concerning additions made by the AO. The first issue regarding redeemable preference share capital of Rs. 14 crores was deleted as the CIT(A) accepted the genuineness of the transactions and compliance with the Companies Act. The second issue of an unexplained cash credit from a loan taken was also deleted due to evidence of the transaction in the audited accounts of the lender, proving identity and creditworthiness. The appellate tribunal upheld these decisions, resulting in the dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 30 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327480