https://www.taxtmi.com/caselaws?id=385916 The tribunal upheld the CIT(A)'s decision to reverse the AO's addition of Rs. 7.02 crores as unexplained cash credits related to share application money, finding that the assessee provided sufficient evidence to prove the legitimacy of the transactions. Additionally, the tribunal affirmed the CIT(A)'s decision to allow the set-off of brought forward losses amounting to Rs. 5,36,66,368/-, as the shareholders' continuity exceeded 51% and section 79 did not apply to depreciation losses. The Revenue's appeal was dismissed, and the tribunal's order was pronounced on 13-09-2019. en-us Fri, 13 Sep 2019 00:00:00 +0530 Tue, 17 Sep 2019 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385916 The tribunal upheld the CIT(A)'s decision to reverse the AO's addition of Rs. 7.02 crores as unexplained cash credits related to share application money, finding that the assessee provided sufficient evidence to prove the legitimacy of the transactions. Additionally, the tribunal affirmed the CIT(A)'s decision to allow the set-off of brought forward losses amounting to Rs. 5,36,66,368/-, as the shareholders' continuity exceeded 51% and section 79 did not apply to depreciation losses. The Revenue's appeal was dismissed, and the tribunal's order was pronounced on 13-09-2019. Case-Laws Income Tax Fri, 13 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385916