https://www.taxtmi.com/caselaws?id=366080 The court upheld the deletion of a sum under Section 68 by the ITAT, confirming the genuineness of share application money transactions. Despite the revenue's arguments, the court found that the transactions satisfied the tests for genuineness as per Supreme Court guidelines, with proper commercial transactions by share applicants evident from the materials on record. The court emphasized the need for thorough investigation by the Assessing Officer and dismissed the appeal, affirming the decision of the ITAT and CIT(A). en-us Tue, 16 Jan 2018 00:00:00 +0530 Tue, 28 Aug 2018 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366080 The court upheld the deletion of a sum under Section 68 by the ITAT, confirming the genuineness of share application money transactions. Despite the revenue's arguments, the court found that the transactions satisfied the tests for genuineness as per Supreme Court guidelines, with proper commercial transactions by share applicants evident from the materials on record. The court emphasized the need for thorough investigation by the Assessing Officer and dismissed the appeal, affirming the decision of the ITAT and CIT(A). Case-Laws Income Tax Tue, 16 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366080