https://www.taxtmi.com/caselaws?id=358268 The Tribunal ruled in favor of the assessee, directing the AO to delete the addition of Rs. 86,00,000 related to share application money. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the shareholders, and that the AO's adverse inference based on non-receipt of replies was unjustified. The CIT(A)'s confirmation of the addition was deemed incorrect due to reliance on irrelevant judgments. The appeal was allowed in favor of the assessee. en-us Fri, 23 Feb 2018 00:00:00 +0530 Mon, 09 Apr 2018 07:45:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358268 The Tribunal ruled in favor of the assessee, directing the AO to delete the addition of Rs. 86,00,000 related to share application money. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the shareholders, and that the AO's adverse inference based on non-receipt of replies was unjustified. The CIT(A)'s confirmation of the addition was deemed incorrect due to reliance on irrelevant judgments. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Fri, 23 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358268