https://www.taxtmi.com/caselaws?id=417319 The Tribunal partly allowed the Revenue's appeal by upholding the AO's addition under section 68 of the Income Tax Act, 1961, due to the failure to prove the genuineness and creditworthiness of share application money received. The CIT(A)'s deletion of the addition was set aside. However, the Tribunal upheld the CIT(A)'s decision to restrict the addition on account of disallowance of sundry creditors, finding that the genuineness of a significant portion of the creditors' amount was established. The order was pronounced on 1st December 2021 at Ahmedabad. en-us Wed, 01 Dec 2021 00:00:00 +0530 Thu, 20 Jan 2022 08:26:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417319 The Tribunal partly allowed the Revenue's appeal by upholding the AO's addition under section 68 of the Income Tax Act, 1961, due to the failure to prove the genuineness and creditworthiness of share application money received. The CIT(A)'s deletion of the addition was set aside. However, the Tribunal upheld the CIT(A)'s decision to restrict the addition on account of disallowance of sundry creditors, finding that the genuineness of a significant portion of the creditors' amount was established. The order was pronounced on 1st December 2021 at Ahmedabad. Case-Laws Income Tax Wed, 01 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417319