https://www.taxtmi.com/caselaws?id=290790 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the addition made by the Assessing Officer (AO) under Section 68 for bogus share application money. The ITAT found that the assessee had provided sufficient evidence to prove the transactions' genuineness, shifting the onus to the revenue. Additionally, the ITAT deemed the issue of the tax rate applied by the AO moot due to the deletion of the addition. The ITAT also condoned the delay in filing the Cross Objection but found it academic as the revenue's appeal was dismissed. en-us Mon, 24 Jun 2019 00:00:00 +0530 Fri, 16 Oct 2020 10:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290790 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the addition made by the Assessing Officer (AO) under Section 68 for bogus share application money. The ITAT found that the assessee had provided sufficient evidence to prove the transactions' genuineness, shifting the onus to the revenue. Additionally, the ITAT deemed the issue of the tax rate applied by the AO moot due to the deletion of the addition. The ITAT also condoned the delay in filing the Cross Objection but found it academic as the revenue's appeal was dismissed. Case-Laws Income Tax Mon, 24 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290790