https://www.taxtmi.com/caselaws?id=329128 The Tribunal upheld the CIT(A)'s order, deleting the addition of Rs. 27 crores made under Section 68 of the Income Tax Act. The appeal by the Revenue was dismissed, emphasizing that the identity, creditworthiness, and genuineness of the shareholders were established by the assessee through comprehensive evidence. The Tribunal found that the transactions did not fall under the purview of Section 68, as the funds were transferred through entries or swap arrangements, not cash/cheque/draft. en-us Wed, 15 Jun 2016 00:00:00 +0530 Thu, 23 Jun 2016 13:05:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329128 The Tribunal upheld the CIT(A)'s order, deleting the addition of Rs. 27 crores made under Section 68 of the Income Tax Act. The appeal by the Revenue was dismissed, emphasizing that the identity, creditworthiness, and genuineness of the shareholders were established by the assessee through comprehensive evidence. The Tribunal found that the transactions did not fall under the purview of Section 68, as the funds were transferred through entries or swap arrangements, not cash/cheque/draft. Case-Laws Income Tax Wed, 15 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329128