https://www.taxtmi.com/caselaws?id=389792 The Tribunal upheld the deletion of the addition under Section 68 of the Income Tax Act, 1961, as the assessee successfully proved the identity, creditworthiness, and genuineness of transactions related to share application money. The Tribunal dismissed the revenue's appeal, finding no adverse material to doubt the genuineness of the transactions. However, the Tribunal allowed the revenue's appeal regarding the classification of interest income as income from other sources instead of business income, directing the reassessment of the assessee's income accordingly. The appeal was partly allowed, with the deletion of the addition under Section 68 upheld, and the classification of interest income as income from other sources confirmed. en-us Thu, 05 Dec 2019 00:00:00 +0530 Tue, 17 Dec 2019 15:27:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389792 The Tribunal upheld the deletion of the addition under Section 68 of the Income Tax Act, 1961, as the assessee successfully proved the identity, creditworthiness, and genuineness of transactions related to share application money. The Tribunal dismissed the revenue's appeal, finding no adverse material to doubt the genuineness of the transactions. However, the Tribunal allowed the revenue's appeal regarding the classification of interest income as income from other sources instead of business income, directing the reassessment of the assessee's income accordingly. The appeal was partly allowed, with the deletion of the addition under Section 68 upheld, and the classification of interest income as income from other sources confirmed. Case-Laws Income Tax Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389792