https://www.taxtmi.com/caselaws?id=406370 The tribunal upheld the CIT(A)'s decisions to delete additions and disallowances made by the AO, including the deletion of unexplained cash credit, disallowance of depreciation on intangible assets, and addition under Section 56(2)(viia) of the Income Tax Act. The tribunal found that the assessee provided sufficient evidence to prove the genuineness, identity, and creditworthiness of the transactions, and that the depreciation and share valuations were appropriately claimed. Previous decisions and relevant case law supported the tribunal's conclusion in favor of the assessee. en-us Wed, 24 Mar 2021 00:00:00 +0530 Tue, 13 Apr 2021 08:58:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406370 The tribunal upheld the CIT(A)'s decisions to delete additions and disallowances made by the AO, including the deletion of unexplained cash credit, disallowance of depreciation on intangible assets, and addition under Section 56(2)(viia) of the Income Tax Act. The tribunal found that the assessee provided sufficient evidence to prove the genuineness, identity, and creditworthiness of the transactions, and that the depreciation and share valuations were appropriately claimed. Previous decisions and relevant case law supported the tribunal's conclusion in favor of the assessee. Case-Laws Income Tax Wed, 24 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406370