https://www.taxtmi.com/caselaws?id=350624 The appeal challenged the addition of cash credit related to share application money received from a specific individual. The ITAT ruled in favor of the assessee, finding that the evidence presented, including the origin of funds from the USA and transactions through legitimate banking channels, established the legitimacy of the transactions. The ITAT concluded that the receipts should not be treated as unexplained cash credit, leading to the removal of the contested addition in the assessment under Section 143(3) for the year 2010-11. en-us Thu, 21 Sep 2017 00:00:00 +0530 Thu, 09 Nov 2017 08:11:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350624 The appeal challenged the addition of cash credit related to share application money received from a specific individual. The ITAT ruled in favor of the assessee, finding that the evidence presented, including the origin of funds from the USA and transactions through legitimate banking channels, established the legitimacy of the transactions. The ITAT concluded that the receipts should not be treated as unexplained cash credit, leading to the removal of the contested addition in the assessment under Section 143(3) for the year 2010-11. Case-Laws Income Tax Thu, 21 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350624