https://www.taxtmi.com/caselaws?id=345501 The Bombay HC ruled against the revenue in a case involving addition under section 68 regarding non-traceable creditors. Despite parties who received share certificates and paid share money not appearing before the Assessing Officer and summons being undelivered due to untraceable addresses, the court upheld the Tribunal's decision favoring the assessee. The Tribunal found that the assessee provided substantial documentary evidence including creditors' PANs, confirmations, bank statements showing share application payments, complete share issuance records, allotment documents, share certificates, and books of account. The creditors' balance sheets and profit-loss accounts demonstrated sufficient funds for share investments. The court held that voluminous documentary evidence establishing genuineness and creditworthiness of transactions could not be negated merely due to non-appearance of parties before the Assessing Officer, applying the precedent from Gagandeep Infrastructure case. en-us Wed, 05 Jul 2017 00:00:00 +0530 Thu, 26 Feb 2026 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345501 The Bombay HC ruled against the revenue in a case involving addition under section 68 regarding non-traceable creditors. Despite parties who received share certificates and paid share money not appearing before the Assessing Officer and summons being undelivered due to untraceable addresses, the court upheld the Tribunal's decision favoring the assessee. The Tribunal found that the assessee provided substantial documentary evidence including creditors' PANs, confirmations, bank statements showing share application payments, complete share issuance records, allotment documents, share certificates, and books of account. The creditors' balance sheets and profit-loss accounts demonstrated sufficient funds for share investments. The court held that voluminous documentary evidence establishing genuineness and creditworthiness of transactions could not be negated merely due to non-appearance of parties before the Assessing Officer, applying the precedent from Gagandeep Infrastructure case. Case-Laws Income Tax Wed, 05 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345501