https://www.taxtmi.com/caselaws?id=370977 The appeal of the assessee was allowed by the ITAT, and the addition of Rs. 86,00,000/- under Section 68 of the Income Tax Act, 1961, was deemed unjustified. The ITAT emphasized the acceptance of the identity, creditworthiness, and genuineness of transactions by the revenue in previous years, concluding that the sum converted from unsecured loans into share capital could not be treated as unexplained cash credits. The ITAT held that the assessee had provided sufficient evidence to support the legitimacy of the transactions, leading to the dismissal of the addition under Section 68. en-us Fri, 12 Oct 2018 00:00:00 +0530 Tue, 27 Nov 2018 06:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370977 The appeal of the assessee was allowed by the ITAT, and the addition of Rs. 86,00,000/- under Section 68 of the Income Tax Act, 1961, was deemed unjustified. The ITAT emphasized the acceptance of the identity, creditworthiness, and genuineness of transactions by the revenue in previous years, concluding that the sum converted from unsecured loans into share capital could not be treated as unexplained cash credits. The ITAT held that the assessee had provided sufficient evidence to support the legitimacy of the transactions, leading to the dismissal of the addition under Section 68. Case-Laws Income Tax Fri, 12 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370977