https://www.taxtmi.com/caselaws?id=407661 The tribunal ruled in favor of the assessee, a real estate company, in a case concerning the validity of share capital and share premium received. The tribunal found that the assessee had adequately proven the source of funds and legitimacy of the transactions, discrediting the Assessing Officer's suspicions of dubious entries. The tribunal criticized the AO for making unfounded general observations and upheld the assessee's appeal while dismissing the revenue's appeal. The tribunal also noted errors in the Commissioner of Income Tax (Appeals) decision to sustain additions for certain shareholders without proper basis. en-us Mon, 26 Apr 2021 00:00:00 +0530 Tue, 18 May 2021 08:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407661 The tribunal ruled in favor of the assessee, a real estate company, in a case concerning the validity of share capital and share premium received. The tribunal found that the assessee had adequately proven the source of funds and legitimacy of the transactions, discrediting the Assessing Officer's suspicions of dubious entries. The tribunal criticized the AO for making unfounded general observations and upheld the assessee's appeal while dismissing the revenue's appeal. The tribunal also noted errors in the Commissioner of Income Tax (Appeals) decision to sustain additions for certain shareholders without proper basis. Case-Laws Income Tax Mon, 26 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407661