https://www.taxtmi.com/caselaws?id=375096 The Court dismissed Revenue's appeal against ITAT's decision regarding the addition of share application money under Section 68 and fair market value under Section 69C of the Income Tax Act. The Court emphasized the importance of establishing the identity, creditworthiness, and genuineness of transactions, placing the burden of proof on the assessee. Despite doubts about the investor's funding sources, the Court found no grounds for interference, as the investor met the necessary criteria. The judgment underscores the significance of meeting these criteria to avoid tax implications under Section 68. en-us Mon, 28 Jan 2019 00:00:00 +0530 Thu, 14 Feb 2019 06:20:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375096 The Court dismissed Revenue's appeal against ITAT's decision regarding the addition of share application money under Section 68 and fair market value under Section 69C of the Income Tax Act. The Court emphasized the importance of establishing the identity, creditworthiness, and genuineness of transactions, placing the burden of proof on the assessee. Despite doubts about the investor's funding sources, the Court found no grounds for interference, as the investor met the necessary criteria. The judgment underscores the significance of meeting these criteria to avoid tax implications under Section 68. Case-Laws Income Tax Mon, 28 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375096