https://www.taxtmi.com/caselaws?id=353450 The appellate tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 41.00 lakhs as unexplained cash credit under Section 68 of the Income Tax Act. The tribunal found that the assessee had sufficiently proven the genuineness of share application money, providing extensive evidence that the AO failed to rebut. The tribunal emphasized the right to cross-examine witnesses, noting the AO's failure to adhere to principles of natural justice. Ultimately, the tribunal dismissed the revenue's appeal, affirming the CIT(A)'s order and shifting the burden of proof to the AO, who did not meet it. en-us Wed, 06 Dec 2017 00:00:00 +0530 Thu, 04 Jan 2018 09:23:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353450 The appellate tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 41.00 lakhs as unexplained cash credit under Section 68 of the Income Tax Act. The tribunal found that the assessee had sufficiently proven the genuineness of share application money, providing extensive evidence that the AO failed to rebut. The tribunal emphasized the right to cross-examine witnesses, noting the AO's failure to adhere to principles of natural justice. Ultimately, the tribunal dismissed the revenue's appeal, affirming the CIT(A)'s order and shifting the burden of proof to the AO, who did not meet it. Case-Laws Income Tax Wed, 06 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353450