https://www.taxtmi.com/caselaws?id=356043 The Court upheld the deletion of amounts added under Section 68 of the Income Tax Act for A.Y. 2008-09. The Assessing Officer failed to prove the transactions were not genuine, shifting the burden to the Revenue. Despite the Revenue's contentions, the lower authorities correctly considered documentary evidence provided by the assessee and share applicants. The High Court dismissed the appeal, emphasizing the AO's failure to gather concrete evidence to support the additions under Section 68, relying instead on opinions without primary evidence. en-us Tue, 06 Feb 2018 00:00:00 +0530 Fri, 23 Feb 2018 06:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356043 The Court upheld the deletion of amounts added under Section 68 of the Income Tax Act for A.Y. 2008-09. The Assessing Officer failed to prove the transactions were not genuine, shifting the burden to the Revenue. Despite the Revenue's contentions, the lower authorities correctly considered documentary evidence provided by the assessee and share applicants. The High Court dismissed the appeal, emphasizing the AO's failure to gather concrete evidence to support the additions under Section 68, relying instead on opinions without primary evidence. Case-Laws Income Tax Tue, 06 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356043