https://www.taxtmi.com/caselaws?id=379690 The tribunal ruled in favor of the assessee, finding that the addition of Rs. 1.80 crores under Section 68 of the Income Tax Act was unjustified. Despite the failure to produce directors of the share subscribing companies, the assessee provided extensive documentation proving the identity, creditworthiness, and genuineness of the share subscribers. The tribunal emphasized that the burden shifted to the department to disprove the transaction once these elements were established. As a result, the appeal was partly allowed, and the addition of Rs. 1.80 crores was deleted. en-us Wed, 01 May 2019 00:00:00 +0530 Tue, 07 May 2019 06:09:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379690 The tribunal ruled in favor of the assessee, finding that the addition of Rs. 1.80 crores under Section 68 of the Income Tax Act was unjustified. Despite the failure to produce directors of the share subscribing companies, the assessee provided extensive documentation proving the identity, creditworthiness, and genuineness of the share subscribers. The tribunal emphasized that the burden shifted to the department to disprove the transaction once these elements were established. As a result, the appeal was partly allowed, and the addition of Rs. 1.80 crores was deleted. Case-Laws Income Tax Wed, 01 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379690