https://www.taxtmi.com/caselaws?id=409519 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,80,00,000 under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the share applicants. The AO's findings were deemed erroneous, and the Tribunal emphasized the importance of seeking clarification rather than making assumptions. The Revenue's appeal was dismissed, and the CIT(A)'s order was upheld, with the Tribunal citing precedents supporting the decision. en-us Wed, 30 Jun 2021 00:00:00 +0530 Sat, 10 Jul 2021 08:38:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409519 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,80,00,000 under Section 68 of the Income Tax Act. The Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the share applicants. The AO's findings were deemed erroneous, and the Tribunal emphasized the importance of seeking clarification rather than making assumptions. The Revenue's appeal was dismissed, and the CIT(A)'s order was upheld, with the Tribunal citing precedents supporting the decision. Case-Laws Income Tax Wed, 30 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409519