https://www.taxtmi.com/caselaws?id=415543 The appeal filed by the Revenue was allowed for statistical purposes, and the matter was remanded back to the CIT(A) for a fresh adjudication. The Tribunal emphasized the necessity for a thorough examination of the relevant details, including verification of shareholder transactions and credit entries in the books of accounts, to establish the genuineness of share capital and securities premium under section 68 of the Income Tax Act. The onus was placed on the assessee to substantiate the identity and creditworthiness of depositors. en-us Fri, 03 Dec 2021 00:00:00 +0530 Wed, 08 Dec 2021 08:57:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415543 The appeal filed by the Revenue was allowed for statistical purposes, and the matter was remanded back to the CIT(A) for a fresh adjudication. The Tribunal emphasized the necessity for a thorough examination of the relevant details, including verification of shareholder transactions and credit entries in the books of accounts, to establish the genuineness of share capital and securities premium under section 68 of the Income Tax Act. The onus was placed on the assessee to substantiate the identity and creditworthiness of depositors. Case-Laws Income Tax Fri, 03 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415543