https://www.taxtmi.com/caselaws?id=415935 The Appellate Tribunal ITAT Surat ruled in favor of the assessee, deleting the addition of Rs. 19,00,000 under section 68 of the Income Tax Act. The Tribunal found that the share capital receipts were properly reflected in the balance sheets of the companies, demonstrating their creditworthiness. It emphasized the importance of allowing the assessee to respond to the assessing officer's reports and statements. The Tribunal concluded that no addition was justified under section 68, overturning the decisions of the Assessing Officer and the Commissioner of Income Tax (Appeals). en-us Tue, 23 Nov 2021 00:00:00 +0530 Fri, 17 Dec 2021 08:53:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415935 The Appellate Tribunal ITAT Surat ruled in favor of the assessee, deleting the addition of Rs. 19,00,000 under section 68 of the Income Tax Act. The Tribunal found that the share capital receipts were properly reflected in the balance sheets of the companies, demonstrating their creditworthiness. It emphasized the importance of allowing the assessee to respond to the assessing officer's reports and statements. The Tribunal concluded that no addition was justified under section 68, overturning the decisions of the Assessing Officer and the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Tue, 23 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415935