https://www.taxtmi.com/caselaws?id=332121 The Revenue challenged the deletion of an addition under Section 68 of the Income Tax Act regarding unexplained share capital. The CIT(A) deleted the addition, citing genuine transactions through account payee cheques and the creditworthiness of investor companies. Regarding the validity of assessment proceedings under Section 153C, the ITAT directed the AO to verify the filing date of the original return and reconsider the merits. The matter was remanded for fresh determination on jurisdiction and merits, with directions for a speaking order. Appeals of both parties were allowed for statistical purposes. en-us Wed, 27 Jul 2016 00:00:00 +0530 Sun, 11 Sep 2016 14:38:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332121 The Revenue challenged the deletion of an addition under Section 68 of the Income Tax Act regarding unexplained share capital. The CIT(A) deleted the addition, citing genuine transactions through account payee cheques and the creditworthiness of investor companies. Regarding the validity of assessment proceedings under Section 153C, the ITAT directed the AO to verify the filing date of the original return and reconsider the merits. The matter was remanded for fresh determination on jurisdiction and merits, with directions for a speaking order. Appeals of both parties were allowed for statistical purposes. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332121