https://www.taxtmi.com/caselaws?id=414428 The Tribunal dismissed the departmental appeal, upholding the deletion of the addition of Rs. 3,17,39,640/- under Section 68 of the Income Tax Act and the disallowance of interest of Rs. 9,73,742/-. The Tribunal found that the assessee adequately proved the identity and creditworthiness of share applicants and the genuineness of transactions, meeting the requirements of Section 68. Additionally, the Tribunal agreed that the assessee had ample interest-free funds to cover the advances, supported by judicial precedents. en-us Wed, 22 Sep 2021 00:00:00 +0530 Mon, 08 Nov 2021 07:00:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414428 The Tribunal dismissed the departmental appeal, upholding the deletion of the addition of Rs. 3,17,39,640/- under Section 68 of the Income Tax Act and the disallowance of interest of Rs. 9,73,742/-. The Tribunal found that the assessee adequately proved the identity and creditworthiness of share applicants and the genuineness of transactions, meeting the requirements of Section 68. Additionally, the Tribunal agreed that the assessee had ample interest-free funds to cover the advances, supported by judicial precedents. Case-Laws Income Tax Wed, 22 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414428