https://www.taxtmi.com/caselaws?id=338927 The Tribunal allowed the assessee's appeals, deleting the additions made under Section 68 of the Income Tax Act for share application money. The Tribunal found that the assessee had sufficiently proven the genuineness of transactions and the identity and creditworthiness of the shareholders through documentary evidence. It emphasized that reliance on statements from third parties without cross-examination was unjustified and that the AO failed to provide contrary evidence to negate the documentary proof provided by the assessee. The additions were deemed unwarranted, leading to their deletion. en-us Mon, 05 Dec 2016 00:00:00 +0530 Tue, 07 Feb 2017 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338927 The Tribunal allowed the assessee's appeals, deleting the additions made under Section 68 of the Income Tax Act for share application money. The Tribunal found that the assessee had sufficiently proven the genuineness of transactions and the identity and creditworthiness of the shareholders through documentary evidence. It emphasized that reliance on statements from third parties without cross-examination was unjustified and that the AO failed to provide contrary evidence to negate the documentary proof provided by the assessee. The additions were deemed unwarranted, leading to their deletion. Case-Laws Income Tax Mon, 05 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338927