https://www.taxtmi.com/caselaws?id=281696 The Tribunal found in favor of the assessee, holding that the addition of Rs. 1,44,15,000/- under Section 68 of the Income Tax Act was not justified. The Tribunal concluded that the assessee had adequately proven the identity, creditworthiness, and genuineness of the share applicants through various documents and witness statements. Relying on precedents, the Tribunal ruled that the Assessing Officer's decision to treat the share capital as unexplained cash credit was unsustainable. As a result, the Tribunal directed the deletion of the addition and allowed the appeal in favor of the assessee. en-us Thu, 04 Oct 2018 00:00:00 +0530 Tue, 02 Jul 2019 06:10:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281696 The Tribunal found in favor of the assessee, holding that the addition of Rs. 1,44,15,000/- under Section 68 of the Income Tax Act was not justified. The Tribunal concluded that the assessee had adequately proven the identity, creditworthiness, and genuineness of the share applicants through various documents and witness statements. Relying on precedents, the Tribunal ruled that the Assessing Officer's decision to treat the share capital as unexplained cash credit was unsustainable. As a result, the Tribunal directed the deletion of the addition and allowed the appeal in favor of the assessee. Case-Laws Income Tax Thu, 04 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281696