https://www.taxtmi.com/caselaws?id=362488 The ITAT upheld the decision of the ld. CIT(A) in dismissing the Revenue's appeal concerning the addition of share capital as unexplained credit and the disallowance of advances written off. The ITAT found that the assessee had provided sufficient evidence, including details of non-resident entities and banking transactions, to establish the genuineness of the share capital. Additionally, the ITAT agreed with the disallowance of advances written off, as the amount should have been shown as income in the relevant financial year. The legal analysis considered burden of proof principles and relevant provisions of the Income Tax Act. en-us Mon, 25 Jun 2018 00:00:00 +0530 Wed, 27 Jun 2018 08:59:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362488 The ITAT upheld the decision of the ld. CIT(A) in dismissing the Revenue's appeal concerning the addition of share capital as unexplained credit and the disallowance of advances written off. The ITAT found that the assessee had provided sufficient evidence, including details of non-resident entities and banking transactions, to establish the genuineness of the share capital. Additionally, the ITAT agreed with the disallowance of advances written off, as the amount should have been shown as income in the relevant financial year. The legal analysis considered burden of proof principles and relevant provisions of the Income Tax Act. Case-Laws Income Tax Mon, 25 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362488