https://www.taxtmi.com/caselaws?id=350433 The Tribunal concluded that the addition of Rs. 47,00,000 under Section 68 of the Income Tax Act was unsustainable as the Assessing Officer failed to disprove the evidence provided by the assessee regarding the identity, creditworthiness, and genuineness of the share applicants. The Tribunal found that all transactions were conducted through banking channels, and there was no evidence of cash deposits to clear cheques for share subscriptions. As a result, the Tribunal allowed the appeal of the assessee and directed the deletion of the addition, ruling in favor of the assessee on all grounds. en-us Tue, 31 Oct 2017 00:00:00 +0530 Mon, 06 Nov 2017 08:49:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350433 The Tribunal concluded that the addition of Rs. 47,00,000 under Section 68 of the Income Tax Act was unsustainable as the Assessing Officer failed to disprove the evidence provided by the assessee regarding the identity, creditworthiness, and genuineness of the share applicants. The Tribunal found that all transactions were conducted through banking channels, and there was no evidence of cash deposits to clear cheques for share subscriptions. As a result, the Tribunal allowed the appeal of the assessee and directed the deletion of the addition, ruling in favor of the assessee on all grounds. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350433