https://www.taxtmi.com/caselaws?id=272793 The ITAT upheld the CIT(A)'s decision to delete the addition of cash deposits under section 68, stating they were from sales already reflected in accounts. The ITAT also confirmed the CIT(A)'s deletion of Rs. 12 lakh share application money addition, finding transactions genuine. Additionally, the ITAT agreed with the CIT(A) on adding an unsecured loan under section 68 due to doubts on creditworthiness. The ITAT dismissed the departmental appeal and assessee's cross objection, affirming CIT(A)'s decisions on all three issues under the Income Tax Act. en-us Mon, 21 Nov 2016 00:00:00 +0530 Fri, 18 May 2018 05:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272793 The ITAT upheld the CIT(A)'s decision to delete the addition of cash deposits under section 68, stating they were from sales already reflected in accounts. The ITAT also confirmed the CIT(A)'s deletion of Rs. 12 lakh share application money addition, finding transactions genuine. Additionally, the ITAT agreed with the CIT(A) on adding an unsecured loan under section 68 due to doubts on creditworthiness. The ITAT dismissed the departmental appeal and assessee's cross objection, affirming CIT(A)'s decisions on all three issues under the Income Tax Act. Case-Laws Income Tax Mon, 21 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272793