https://www.taxtmi.com/caselaws?id=395758 The Tribunal allowed the assessee's appeal, ordering the deletion of the Rs. 16 crore addition under Section 68 of the Income-tax Act, 1961. The assessee effectively demonstrated the identity, creditworthiness, and genuineness of the share applicants. The AO failed to disprove the evidence provided, and the Tribunal's decision relied on judicial precedents emphasizing the onus of proof and the need for thorough inquiries by the AO. en-us Fri, 29 May 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395758 The Tribunal allowed the assessee's appeal, ordering the deletion of the Rs. 16 crore addition under Section 68 of the Income-tax Act, 1961. The assessee effectively demonstrated the identity, creditworthiness, and genuineness of the share applicants. The AO failed to disprove the evidence provided, and the Tribunal's decision relied on judicial precedents emphasizing the onus of proof and the need for thorough inquiries by the AO. Case-Laws Income Tax Fri, 29 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395758