https://www.taxtmi.com/caselaws?id=371794 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 6,00,00,000 made by the AO under Section 68 of the Income Tax Act, dismissing the revenue's appeal. The Tribunal found that the assessee had sufficiently proved the identity, creditworthiness, and genuineness of the share applicants, shifting the onus to the AO. The decision emphasized the importance of providing satisfactory evidence and proper evaluation, concluding that the AO's addition was based on suspicion rather than concrete evidence. en-us Fri, 30 Nov 2018 00:00:00 +0530 Tue, 11 Dec 2018 06:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371794 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 6,00,00,000 made by the AO under Section 68 of the Income Tax Act, dismissing the revenue's appeal. The Tribunal found that the assessee had sufficiently proved the identity, creditworthiness, and genuineness of the share applicants, shifting the onus to the AO. The decision emphasized the importance of providing satisfactory evidence and proper evaluation, concluding that the AO's addition was based on suspicion rather than concrete evidence. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371794