https://www.taxtmi.com/caselaws?id=377110 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,50,00,000 under Section 68 of the Income Tax Act. The Tribunal emphasized that the Assessing Officer failed to provide substantial evidence to refute the identity, genuineness, and creditworthiness of the transactions. It was concluded that mere suspicion based on higher share premium was insufficient to make the addition, especially when the assessee had presented comprehensive documentary evidence. The Tribunal highlighted that if doubts existed about the source of funds, the AO should have reopened individual shareholders' assessments instead of adding the amount as undisclosed income of the assessee. en-us Fri, 08 Feb 2019 00:00:00 +0530 Sat, 23 Mar 2019 10:16:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377110 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,50,00,000 under Section 68 of the Income Tax Act. The Tribunal emphasized that the Assessing Officer failed to provide substantial evidence to refute the identity, genuineness, and creditworthiness of the transactions. It was concluded that mere suspicion based on higher share premium was insufficient to make the addition, especially when the assessee had presented comprehensive documentary evidence. The Tribunal highlighted that if doubts existed about the source of funds, the AO should have reopened individual shareholders' assessments instead of adding the amount as undisclosed income of the assessee. Case-Laws Income Tax Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377110