https://www.taxtmi.com/caselaws?id=335972 The Court dismissed the appeal, upholding the decision to cancel the amount under Section 68 of the Income Tax Act. It found no substantial question of law and cited the judgment in Lovely Exports. The Court agreed with the CIT (A) and ITAT that the share applicants had the necessary net worth and finances to invest in the assessee's offerings, shifting the burden of proof to the revenue. The detailed assessment by the CIT (A) prevailed over the AO's tabular analysis, leading to the conclusion that the cancellation of the added amount was justified. en-us Mon, 21 Nov 2016 00:00:00 +0530 Tue, 02 Jun 2026 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335972 The Court dismissed the appeal, upholding the decision to cancel the amount under Section 68 of the Income Tax Act. It found no substantial question of law and cited the judgment in Lovely Exports. The Court agreed with the CIT (A) and ITAT that the share applicants had the necessary net worth and finances to invest in the assessee's offerings, shifting the burden of proof to the revenue. The detailed assessment by the CIT (A) prevailed over the AO's tabular analysis, leading to the conclusion that the cancellation of the added amount was justified. Case-Laws Income Tax Mon, 21 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335972