https://www.taxtmi.com/caselaws?id=410053 The appeal involved the treatment of share application money as unexplained cash credits under section 68 of the Income Tax Act. The CIT(A) upheld the addition due to lack of credible evidence on the creditworthiness of the subscriber. The ITAT remanded the issue back to the Assessing Officer for fresh adjudication considering the investor entity as a group company, directing the assessee to provide necessary details at their own risk. The ITAT allowed the appeal for statistical purposes, emphasizing the importance of establishing creditworthiness and genuineness in such transactions. en-us Thu, 15 Jul 2021 00:00:00 +0530 Fri, 23 Jul 2021 08:58:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410053 The appeal involved the treatment of share application money as unexplained cash credits under section 68 of the Income Tax Act. The CIT(A) upheld the addition due to lack of credible evidence on the creditworthiness of the subscriber. The ITAT remanded the issue back to the Assessing Officer for fresh adjudication considering the investor entity as a group company, directing the assessee to provide necessary details at their own risk. The ITAT allowed the appeal for statistical purposes, emphasizing the importance of establishing creditworthiness and genuineness in such transactions. Case-Laws Income Tax Thu, 15 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410053