https://www.taxtmi.com/caselaws?id=407974 The appellate tribunal overturned the addition of unexplained share capital amounting to Rs. 1,15,66,200 under Section 68 of the Income Tax Act, 1961. The tribunal found that the lower authorities failed to provide concrete evidence to disprove the genuineness of the share capital, noting that the identity of the investors was established, and detailed evidence was furnished by the assessee. Consequently, the tribunal directed the deletion of the addition, allowing the assessee's appeal and rendering all other pleadings infructuous. en-us Fri, 23 Apr 2021 00:00:00 +0530 Thu, 27 May 2021 20:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407974 The appellate tribunal overturned the addition of unexplained share capital amounting to Rs. 1,15,66,200 under Section 68 of the Income Tax Act, 1961. The tribunal found that the lower authorities failed to provide concrete evidence to disprove the genuineness of the share capital, noting that the identity of the investors was established, and detailed evidence was furnished by the assessee. Consequently, the tribunal directed the deletion of the addition, allowing the assessee's appeal and rendering all other pleadings infructuous. Case-Laws Income Tax Fri, 23 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407974