https://www.taxtmi.com/caselaws?id=343813 The High Court dismissed the Revenue's appeal against the deletion of additions under Section 68 of the Income Tax Act. The respondent successfully proved the genuineness of share application money received from companies by providing sufficient documentary evidence of their creditworthiness and identity. The Tribunal's findings, supported by registration records and financial credibility of the companies, shifted the burden of proof to the Assessing Officer. As no substantial legal question arose, the appeal was rejected, emphasizing the importance of thorough verification and documentary evidence in such cases. en-us Tue, 30 May 2017 00:00:00 +0530 Fri, 02 Jun 2017 06:16:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343813 The High Court dismissed the Revenue's appeal against the deletion of additions under Section 68 of the Income Tax Act. The respondent successfully proved the genuineness of share application money received from companies by providing sufficient documentary evidence of their creditworthiness and identity. The Tribunal's findings, supported by registration records and financial credibility of the companies, shifted the burden of proof to the Assessing Officer. As no substantial legal question arose, the appeal was rejected, emphasizing the importance of thorough verification and documentary evidence in such cases. Case-Laws Income Tax Tue, 30 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343813