https://www.taxtmi.com/caselaws?id=414297 The appeal was partly allowed. The disallowance of 5% of total expenditure was restricted to travel expenses. The issues regarding the addition of securities premium reserve and share application money were remanded back to the Ld.AO for fresh consideration, with directions for the assessee to provide necessary documents to establish the creditworthiness of the investors. The Tribunal emphasized the need for proper verification and adherence to legal standards in assessing the genuineness of transactions and creditworthiness of investors. en-us Mon, 11 Oct 2021 00:00:00 +0530 Tue, 02 Nov 2021 09:28:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414297 The appeal was partly allowed. The disallowance of 5% of total expenditure was restricted to travel expenses. The issues regarding the addition of securities premium reserve and share application money were remanded back to the Ld.AO for fresh consideration, with directions for the assessee to provide necessary documents to establish the creditworthiness of the investors. The Tribunal emphasized the need for proper verification and adherence to legal standards in assessing the genuineness of transactions and creditworthiness of investors. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414297