https://www.taxtmi.com/caselaws?id=279219 The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs. 2,44,50,000 under section 68 of the Income Tax Act, as the share application money received from Bhawana Computers Pvt. Ltd. was deemed genuine. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transaction with BCPL, shifting the burden of proof to the department. The AO's failure to investigate adequately led to the dismissal of the appeal, as the Tribunal concluded that the cash credit from BCPL was legitimate. en-us Thu, 18 Oct 2018 00:00:00 +0530 Fri, 08 Mar 2019 06:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279219 The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs. 2,44,50,000 under section 68 of the Income Tax Act, as the share application money received from Bhawana Computers Pvt. Ltd. was deemed genuine. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transaction with BCPL, shifting the burden of proof to the department. The AO's failure to investigate adequately led to the dismissal of the appeal, as the Tribunal concluded that the cash credit from BCPL was legitimate. Case-Laws Income Tax Thu, 18 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279219