https://www.taxtmi.com/caselaws?id=331994 The HC upheld the findings of the CIT(A) and ITAT that the assessee adequately established the identity, genuineness of transactions, and creditworthiness of share applicants by providing PAN details, affidavits of Directors, and bank information. The AO's addition under Section 68 was rejected as it was based solely on the absence of Directors for personal verification, which was not a valid ground. The court ruled that the assessee complied with the legal standards set by the SC and directed in favor of the assessee. en-us Wed, 31 Aug 2016 00:00:00 +0530 Wed, 23 Jul 2025 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331994 The HC upheld the findings of the CIT(A) and ITAT that the assessee adequately established the identity, genuineness of transactions, and creditworthiness of share applicants by providing PAN details, affidavits of Directors, and bank information. The AO's addition under Section 68 was rejected as it was based solely on the absence of Directors for personal verification, which was not a valid ground. The court ruled that the assessee complied with the legal standards set by the SC and directed in favor of the assessee. Case-Laws Income Tax Wed, 31 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331994