https://www.taxtmi.com/caselaws?id=285403 The Tribunal upheld the Commissioner's decision, dismissing the Revenue's appeal regarding the addition of share application money as unexplained cash credit under section 68 of the IT Act. The Tribunal found that the assessee had established the identity of the parties involved, shifting the burden of proof to the revenue. Legal precedents supported the Tribunal's decision, emphasizing the importance of proving the genuineness of transactions. The cross objection by the assessee against the validity of the reopening was deemed infructuous following the appeal dismissal, resulting in the dismissal of both the Revenue's appeal and the assessee's cross objection. en-us Fri, 08 Jul 2011 00:00:00 +0530 Fri, 10 Jan 2020 12:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285403 The Tribunal upheld the Commissioner's decision, dismissing the Revenue's appeal regarding the addition of share application money as unexplained cash credit under section 68 of the IT Act. The Tribunal found that the assessee had established the identity of the parties involved, shifting the burden of proof to the revenue. Legal precedents supported the Tribunal's decision, emphasizing the importance of proving the genuineness of transactions. The cross objection by the assessee against the validity of the reopening was deemed infructuous following the appeal dismissal, resulting in the dismissal of both the Revenue's appeal and the assessee's cross objection. Case-Laws Income Tax Fri, 08 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285403