https://www.taxtmi.com/caselaws?id=406510 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO under Section 68 of the Income Tax Act. It concluded that the assessee had proven the identity, creditworthiness, and genuineness of the transactions. The AO's reliance on third-party information without independent verification was deemed insufficient. The appeal by the revenue was dismissed, confirming the genuineness of the share application money received by the assessee and rejecting the claim of unexplained cash credit. en-us Fri, 05 Mar 2021 00:00:00 +0530 Fri, 16 Apr 2021 08:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406510 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO under Section 68 of the Income Tax Act. It concluded that the assessee had proven the identity, creditworthiness, and genuineness of the transactions. The AO's reliance on third-party information without independent verification was deemed insufficient. The appeal by the revenue was dismissed, confirming the genuineness of the share application money received by the assessee and rejecting the claim of unexplained cash credit. Case-Laws Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406510