https://www.taxtmi.com/caselaws?id=296409 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 of the Income Tax Act, ruling in favor of the assessee. The Tribunal found that the assessee had provided satisfactory evidence establishing the legitimacy of the share premium received, thereby refuting the initial presumption of unexplained cash credit. Additionally, the Tribunal criticized the Assessing Officer's reliance on third-party statements without granting the assessee an opportunity for cross-examination, deeming it a violation of natural justice. Consequently, the Tribunal dismissed the Revenue's appeal and directed the deletion of the addition. en-us Fri, 05 Apr 2019 00:00:00 +0530 Tue, 20 Jul 2021 10:12:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296409 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 of the Income Tax Act, ruling in favor of the assessee. The Tribunal found that the assessee had provided satisfactory evidence establishing the legitimacy of the share premium received, thereby refuting the initial presumption of unexplained cash credit. Additionally, the Tribunal criticized the Assessing Officer's reliance on third-party statements without granting the assessee an opportunity for cross-examination, deeming it a violation of natural justice. Consequently, the Tribunal dismissed the Revenue's appeal and directed the deletion of the addition. Case-Laws Income Tax Fri, 05 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296409