https://www.taxtmi.com/caselaws?id=411129 The Tribunal dismissed the revenue's appeal and affirmed the CIT(A)'s decision to delete the addition of Rs. 4 crores under section 68 of the Income Tax Act. The Tribunal held that the assessee had sufficiently proven the genuineness of the share application money through evidence, while criticizing the AO for lack of material evidence and reliance on unsubstantiated allegations. The Tribunal emphasized the financial standing of the investor companies and the absence of adverse inference from their documents. The decision favored the assessee, concluding that the deletion of the addition was justified. en-us Fri, 13 Aug 2021 00:00:00 +0530 Wed, 18 Aug 2021 09:27:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411129 The Tribunal dismissed the revenue's appeal and affirmed the CIT(A)'s decision to delete the addition of Rs. 4 crores under section 68 of the Income Tax Act. The Tribunal held that the assessee had sufficiently proven the genuineness of the share application money through evidence, while criticizing the AO for lack of material evidence and reliance on unsubstantiated allegations. The Tribunal emphasized the financial standing of the investor companies and the absence of adverse inference from their documents. The decision favored the assessee, concluding that the deletion of the addition was justified. Case-Laws Income Tax Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411129