https://www.taxtmi.com/caselaws?id=399640 The Tribunal upheld the CIT(A)'s order directing the deletion of the addition made under Section 68 of the Income Tax Act towards unexplained share application/share premium. The Tribunal found that the assessee had adequately proven the identity, genuineness, and creditworthiness of the investors, while criticizing the AO for not conducting further inquiries and relying solely on third-party statements without allowing for cross-examination. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision and emphasizing the importance of conducting independent investigations. en-us Mon, 12 Oct 2020 00:00:00 +0530 Thu, 15 Oct 2020 14:44:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399640 The Tribunal upheld the CIT(A)'s order directing the deletion of the addition made under Section 68 of the Income Tax Act towards unexplained share application/share premium. The Tribunal found that the assessee had adequately proven the identity, genuineness, and creditworthiness of the investors, while criticizing the AO for not conducting further inquiries and relying solely on third-party statements without allowing for cross-examination. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision and emphasizing the importance of conducting independent investigations. Case-Laws Income Tax Mon, 12 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399640