https://www.taxtmi.com/caselaws?id=356969 The Court dismissed the appeal regarding the addition to the assessee's income under Section 68 of the Income Tax Act, 1961 for A.Y. 2007-08. The Assessing Officer's lack of proper inquiry into the identity of the share applicants led to the addition, but the CIT(A) and ITAT later found the information provided by the assessee to be sufficient. The ITAT emphasized the need for credible material and proper inquiry before making such additions, ultimately concluding that the lower authorities' findings were justified, and no substantial question of law arose. en-us Wed, 28 Feb 2018 00:00:00 +0530 Wed, 14 Mar 2018 21:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356969 The Court dismissed the appeal regarding the addition to the assessee's income under Section 68 of the Income Tax Act, 1961 for A.Y. 2007-08. The Assessing Officer's lack of proper inquiry into the identity of the share applicants led to the addition, but the CIT(A) and ITAT later found the information provided by the assessee to be sufficient. The ITAT emphasized the need for credible material and proper inquiry before making such additions, ultimately concluding that the lower authorities' findings were justified, and no substantial question of law arose. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356969