https://www.taxtmi.com/caselaws?id=351667 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 4,15,00,000 made by the AO under Section 68 of the Income Tax Act, regarding unexplained share application money. The Tribunal found that the assessee had provided extensive evidence to establish the identity, creditworthiness, and genuineness of the transactions, thereby discharging its burden under Section 68. The Tribunal emphasized that suspicion alone cannot justify adverse inferences, leading to the dismissal of the Revenue's appeal on 20.11.2017. en-us Mon, 20 Nov 2017 00:00:00 +0530 Wed, 29 Nov 2017 07:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351667 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 4,15,00,000 made by the AO under Section 68 of the Income Tax Act, regarding unexplained share application money. The Tribunal found that the assessee had provided extensive evidence to establish the identity, creditworthiness, and genuineness of the transactions, thereby discharging its burden under Section 68. The Tribunal emphasized that suspicion alone cannot justify adverse inferences, leading to the dismissal of the Revenue's appeal on 20.11.2017. Case-Laws Income Tax Mon, 20 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351667