https://www.taxtmi.com/caselaws?id=411273 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the addition of Rs. 2,25,00,000 under Section 68 of the Income Tax Act. The ITAT agreed with the CIT(A) that the assessee had provided substantial evidence to substantiate the share premium transactions, while the Assessing Officer (AO) failed to conduct independent inquiries or disprove the evidence. The ITAT found the AO's conclusions to be based on assumptions without sufficient corroborative evidence, leading to the dismissal of the revenue's appeal and affirmation of the deletion of the addition. en-us Mon, 09 Aug 2021 00:00:00 +0530 Sat, 21 Aug 2021 08:32:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411273 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the addition of Rs. 2,25,00,000 under Section 68 of the Income Tax Act. The ITAT agreed with the CIT(A) that the assessee had provided substantial evidence to substantiate the share premium transactions, while the Assessing Officer (AO) failed to conduct independent inquiries or disprove the evidence. The ITAT found the AO's conclusions to be based on assumptions without sufficient corroborative evidence, leading to the dismissal of the revenue's appeal and affirmation of the deletion of the addition. Case-Laws Income Tax Mon, 09 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411273