https://www.taxtmi.com/caselaws?id=363525 The Tribunal allowed the appeal, deleting the addition towards share capital and share premium under Section 68 of the Income Tax Act. The Tribunal found the assessee had adequately proven the identity, creditworthiness, and genuineness of the transactions, emphasizing that reliance on retracted statements without corroborative evidence was unwarranted. The decision was based on the lack of further verification by the Assessing Officer and inconsistencies in treatment compared to a related company. The appeal was allowed in favor of the assessee, with the addition being deleted. en-us Wed, 11 Jul 2018 00:00:00 +0530 Fri, 13 Jul 2018 06:15:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363525 The Tribunal allowed the appeal, deleting the addition towards share capital and share premium under Section 68 of the Income Tax Act. The Tribunal found the assessee had adequately proven the identity, creditworthiness, and genuineness of the transactions, emphasizing that reliance on retracted statements without corroborative evidence was unwarranted. The decision was based on the lack of further verification by the Assessing Officer and inconsistencies in treatment compared to a related company. The appeal was allowed in favor of the assessee, with the addition being deleted. Case-Laws Income Tax Wed, 11 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363525