https://www.taxtmi.com/caselaws?id=404882 The ITAT upheld the CIT(A)'s decision, ruling in favor of the assessee. It was determined that the assessee provided adequate evidence to establish the identity, creditworthiness, and genuineness of the transaction involving share premium income. The ITAT dismissed the Revenue's appeal, emphasizing that the addition under Section 68 was unfounded as it was based on suspicion without substantial proof. The decision highlighted that once the authenticity of share capital receipt is established, doubts regarding the share premium component are unwarranted. en-us Mon, 14 Dec 2020 00:00:00 +0530 Sat, 06 Mar 2021 09:45:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404882 The ITAT upheld the CIT(A)'s decision, ruling in favor of the assessee. It was determined that the assessee provided adequate evidence to establish the identity, creditworthiness, and genuineness of the transaction involving share premium income. The ITAT dismissed the Revenue's appeal, emphasizing that the addition under Section 68 was unfounded as it was based on suspicion without substantial proof. The decision highlighted that once the authenticity of share capital receipt is established, doubts regarding the share premium component are unwarranted. Case-Laws Income Tax Mon, 14 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404882