https://www.taxtmi.com/caselaws?id=362442 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2.20 crores made by the AO under Section 68 of the Income-tax Act, 1961. The Tribunal found that the assessee had provided sufficient evidence to prove the identity, creditworthiness, and genuineness of the share subscribers. It was emphasized that the AO's addition lacked proper inquiry and was based on conjectures. Consequently, the Revenue's appeal was dismissed, confirming the deletion of the addition under Section 68. en-us Thu, 14 Jun 2018 00:00:00 +0530 Tue, 26 Jun 2018 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362442 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2.20 crores made by the AO under Section 68 of the Income-tax Act, 1961. The Tribunal found that the assessee had provided sufficient evidence to prove the identity, creditworthiness, and genuineness of the share subscribers. It was emphasized that the AO's addition lacked proper inquiry and was based on conjectures. Consequently, the Revenue's appeal was dismissed, confirming the deletion of the addition under Section 68. Case-Laws Income Tax Thu, 14 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362442