https://www.taxtmi.com/caselaws?id=356601 The Tribunal partially allowed the appeal by deleting the addition of Rs. 35 lakhs under Section 68 of the Income Tax Act, as the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the share applicants. However, the disallowance of Rs. 1,51,697/- on account of interest-free advances was upheld, as the assessee failed to demonstrate that these advances were for business purposes. The decision was rendered on 1st March 2018 in Ahmedabad. en-us Thu, 01 Mar 2018 00:00:00 +0530 Thu, 08 Mar 2018 07:04:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356601 The Tribunal partially allowed the appeal by deleting the addition of Rs. 35 lakhs under Section 68 of the Income Tax Act, as the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the share applicants. However, the disallowance of Rs. 1,51,697/- on account of interest-free advances was upheld, as the assessee failed to demonstrate that these advances were for business purposes. The decision was rendered on 1st March 2018 in Ahmedabad. Case-Laws Income Tax Thu, 01 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356601