https://www.taxtmi.com/caselaws?id=391163 The Tribunal concluded that the assessee successfully proved the identity and creditworthiness of the investor companies, meeting the burden under Section 68 of the Income Tax Act. The Assessing Officer's reliance on suspicion and a statement from a dummy director was deemed insufficient, leading to the deletion of the additions totaling Rs. 7.45 crores for AY 2009-10 and AY 2010-11. The Tribunal distinguished the case from previous precedents and ruled in favor of the assessee, allowing the appeals. en-us Wed, 15 Jan 2020 00:00:00 +0530 Tue, 21 Jan 2020 08:17:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391163 The Tribunal concluded that the assessee successfully proved the identity and creditworthiness of the investor companies, meeting the burden under Section 68 of the Income Tax Act. The Assessing Officer's reliance on suspicion and a statement from a dummy director was deemed insufficient, leading to the deletion of the additions totaling Rs. 7.45 crores for AY 2009-10 and AY 2010-11. The Tribunal distinguished the case from previous precedents and ruled in favor of the assessee, allowing the appeals. Case-Laws Income Tax Wed, 15 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391163