https://www.taxtmi.com/caselaws?id=376250 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO under Section 68 of the Income Tax Act. It found that the identity, genuineness, and creditworthiness of the share subscribers were adequately proven through documentary evidence. The AO's doubts based on creditworthiness were deemed unfounded as the share subscribers had substantial own funds, indicating their capacity to invest. The Tribunal emphasized the necessity for proper inquiries by the AO to verify transaction genuineness, as per the High Court's decision in Dataware Pvt. Ltd. vs. CIT. en-us Wed, 27 Feb 2019 00:00:00 +0530 Wed, 06 Mar 2019 06:21:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376250 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO under Section 68 of the Income Tax Act. It found that the identity, genuineness, and creditworthiness of the share subscribers were adequately proven through documentary evidence. The AO's doubts based on creditworthiness were deemed unfounded as the share subscribers had substantial own funds, indicating their capacity to invest. The Tribunal emphasized the necessity for proper inquiries by the AO to verify transaction genuineness, as per the High Court's decision in Dataware Pvt. Ltd. vs. CIT. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376250