https://www.taxtmi.com/caselaws?id=385857 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,54,00,000/- under Section 68 of the Income Tax Act. The assessee successfully established the identity, genuineness, and creditworthiness of the share subscribers through various documents and banking records. Legal precedents emphasized that once the assessee provides necessary details, the burden shifts to the Revenue to disprove the evidence presented. The AO's reliance on the non-appearance of directors was deemed insufficient, leading to the dismissal of the Revenue's appeal. en-us Mon, 01 Jul 2019 00:00:00 +0530 Mon, 16 Sep 2019 11:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385857 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,54,00,000/- under Section 68 of the Income Tax Act. The assessee successfully established the identity, genuineness, and creditworthiness of the share subscribers through various documents and banking records. Legal precedents emphasized that once the assessee provides necessary details, the burden shifts to the Revenue to disprove the evidence presented. The AO's reliance on the non-appearance of directors was deemed insufficient, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 01 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385857