https://www.taxtmi.com/caselaws?id=338567 The Revenue's appeal challenging the deletion of an addition made under Section 68 of the Income Tax Act for unexplained share application money was allowed. The Court found that the CIT(A) failed to adequately consider the evidence and opportunities given to the assessee to produce directors for deposition, crucial for verifying the genuineness of the transactions. The Court emphasized that mere filing of confirmations and PAN details was insufficient to establish the creditworthiness of the transactions. The CIT(A)'s order was set aside, remanding the issue for a fresh decision with a detailed explanation addressing the facts on record. en-us Tue, 01 Nov 2016 00:00:00 +0530 Tue, 07 Feb 2017 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338567 The Revenue's appeal challenging the deletion of an addition made under Section 68 of the Income Tax Act for unexplained share application money was allowed. The Court found that the CIT(A) failed to adequately consider the evidence and opportunities given to the assessee to produce directors for deposition, crucial for verifying the genuineness of the transactions. The Court emphasized that mere filing of confirmations and PAN details was insufficient to establish the creditworthiness of the transactions. The CIT(A)'s order was set aside, remanding the issue for a fresh decision with a detailed explanation addressing the facts on record. Case-Laws Income Tax Tue, 01 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338567