https://www.taxtmi.com/caselaws?id=365793 The Tribunal dismissed the Revenue's appeal regarding the addition of unexplained cash credit under Section 68 of the Income Tax Act, 1961, related to bogus share transactions. Upon re-examination, it was found that the transactions were genuine, and the Assessing Officer's basis for the additions was incorrect. The Tribunal upheld the deletion of the additions, stating that the Revenue had no grounds to raise the issue as essential elements for invoking Section 68 were lacking. The appeal was dismissed without costs as the proposed questions of law were deemed insubstantial. en-us Mon, 20 Aug 2018 00:00:00 +0530 Thu, 23 Aug 2018 09:36:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365793 The Tribunal dismissed the Revenue's appeal regarding the addition of unexplained cash credit under Section 68 of the Income Tax Act, 1961, related to bogus share transactions. Upon re-examination, it was found that the transactions were genuine, and the Assessing Officer's basis for the additions was incorrect. The Tribunal upheld the deletion of the additions, stating that the Revenue had no grounds to raise the issue as essential elements for invoking Section 68 were lacking. The appeal was dismissed without costs as the proposed questions of law were deemed insubstantial. Case-Laws Income Tax Mon, 20 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365793