https://www.taxtmi.com/caselaws?id=417968 The Tribunal upheld the CIT(A)'s decision to delete additions related to alleged bogus capital creation and unexplained gifts. The Tribunal emphasized that no actual benefit or income accrued to the assessee from these entries, aligning with legal precedent that fictitious capital not utilized cannot be taxed. The judgment underscores the necessity of supporting claims with evidence and highlights that mere paper entries without actual utilization are not taxable. en-us Mon, 31 Jan 2022 00:00:00 +0530 Fri, 04 Feb 2022 20:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417968 The Tribunal upheld the CIT(A)'s decision to delete additions related to alleged bogus capital creation and unexplained gifts. The Tribunal emphasized that no actual benefit or income accrued to the assessee from these entries, aligning with legal precedent that fictitious capital not utilized cannot be taxed. The judgment underscores the necessity of supporting claims with evidence and highlights that mere paper entries without actual utilization are not taxable. Case-Laws Income Tax Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417968