https://www.taxtmi.com/caselaws?id=329599 The ITAT upheld the CIT(A)'s decision to delete additions made under Section 68 of the Income Tax Act. The confirmation of shareholders' identities and investments, along with supporting documents, demonstrated the genuineness of the transactions. Judicial precedents were applied to protect genuine share capital from being deemed undisclosed income. The ITAT dismissed the revenue's appeals and the assessee's cross-objections, affirming the CIT(A)'s ruling. en-us Wed, 08 Jun 2016 00:00:00 +0530 Wed, 06 Jul 2016 04:05:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329599 The ITAT upheld the CIT(A)'s decision to delete additions made under Section 68 of the Income Tax Act. The confirmation of shareholders' identities and investments, along with supporting documents, demonstrated the genuineness of the transactions. Judicial precedents were applied to protect genuine share capital from being deemed undisclosed income. The ITAT dismissed the revenue's appeals and the assessee's cross-objections, affirming the CIT(A)'s ruling. Case-Laws Income Tax Wed, 08 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329599