https://www.taxtmi.com/caselaws?id=337920 The Tribunal upheld the deletion of the addition of Rs. 40,00,000/- under Section 68 of the Income Tax Act by the Commissioner of Income Tax (Appeals). The Tribunal found that the assessee had sufficiently proven the genuineness of the share application money received from seven companies, providing substantial evidence of the identity, creditworthiness, and legitimacy of the transactions. The Tribunal concluded that the Revenue's appeal lacked credible evidence to dispute the assessee's submissions, affirming the decision to delete the addition. en-us Tue, 03 Jan 2017 00:00:00 +0530 Fri, 20 Jan 2017 07:26:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337920 The Tribunal upheld the deletion of the addition of Rs. 40,00,000/- under Section 68 of the Income Tax Act by the Commissioner of Income Tax (Appeals). The Tribunal found that the assessee had sufficiently proven the genuineness of the share application money received from seven companies, providing substantial evidence of the identity, creditworthiness, and legitimacy of the transactions. The Tribunal concluded that the Revenue's appeal lacked credible evidence to dispute the assessee's submissions, affirming the decision to delete the addition. Case-Laws Income Tax Tue, 03 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337920