https://www.taxtmi.com/caselaws?id=402185 The Tribunal upheld the Ld. CIT(A)'s decision to delete the addition of Rs. 2 crores as unexplained cash credit under section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the genuineness of the transactions and the identity of the share applicants, shifting the burden of proof successfully. As a result, the Tribunal dismissed the Revenue's appeal, affirming the Ld. CIT(A)'s well-reasoned order. en-us Wed, 23 Dec 2020 00:00:00 +0530 Thu, 24 Dec 2020 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402185 The Tribunal upheld the Ld. CIT(A)'s decision to delete the addition of Rs. 2 crores as unexplained cash credit under section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the genuineness of the transactions and the identity of the share applicants, shifting the burden of proof successfully. As a result, the Tribunal dismissed the Revenue's appeal, affirming the Ld. CIT(A)'s well-reasoned order. Case-Laws Income Tax Wed, 23 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402185