https://www.taxtmi.com/caselaws?id=331515 The ITAT dismissed both appeals filed by the Revenue, upholding the CIT(A)'s orders that deleted the additions under Section 68 and the penalty under Section 271(1)(c). The ITAT found that the assessee had provided sufficient evidence to discharge its onus, and the AO's failure to verify the evidence or provide contrary evidence justified the deletions. The ITAT's decision was based on established judicial principles regarding the burden of proof and the treatment of share application money under Section 68. en-us Mon, 20 Jun 2016 00:00:00 +0530 Fri, 26 Aug 2016 08:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331515 The ITAT dismissed both appeals filed by the Revenue, upholding the CIT(A)'s orders that deleted the additions under Section 68 and the penalty under Section 271(1)(c). The ITAT found that the assessee had provided sufficient evidence to discharge its onus, and the AO's failure to verify the evidence or provide contrary evidence justified the deletions. The ITAT's decision was based on established judicial principles regarding the burden of proof and the treatment of share application money under Section 68. Case-Laws Income Tax Mon, 20 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331515