https://www.taxtmi.com/caselaws?id=277259 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee and dismissing the revenue's appeal. The addition made by the AO towards share capital and premium under Section 68 of the Income Tax Act was deleted. The Tribunal found that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the subscribers, citing documentary evidence such as PAN details, affidavits, and financial statements. The Tribunal emphasized that the AO's concerns regarding unexplained cash credit were unfounded as the assessee had met the burden of proof under Section 68. en-us Fri, 29 Dec 2017 00:00:00 +0530 Fri, 30 Nov 2018 06:34:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277259 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee and dismissing the revenue's appeal. The addition made by the AO towards share capital and premium under Section 68 of the Income Tax Act was deleted. The Tribunal found that the assessee had sufficiently proven the identity, genuineness, and creditworthiness of the subscribers, citing documentary evidence such as PAN details, affidavits, and financial statements. The Tribunal emphasized that the AO's concerns regarding unexplained cash credit were unfounded as the assessee had met the burden of proof under Section 68. Case-Laws Income Tax Fri, 29 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277259