https://www.taxtmi.com/caselaws?id=418556 The ITAT allowed the appeal of the assessee by deleting the addition of Rs. 2,33,01,950/- under Section 68 of the Income Tax Act. The Tribunal found that the assessee adequately proved the identity, creditworthiness, and genuineness of the share applicants, referencing judicial precedents to support its decision. The ITAT noted deficiencies in the AO's inquiries and lack of evidence to refute the assessee's claims, leading to the deletion of the addition. en-us Wed, 09 Feb 2022 00:00:00 +0530 Sat, 19 Feb 2022 07:03:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418556 The ITAT allowed the appeal of the assessee by deleting the addition of Rs. 2,33,01,950/- under Section 68 of the Income Tax Act. The Tribunal found that the assessee adequately proved the identity, creditworthiness, and genuineness of the share applicants, referencing judicial precedents to support its decision. The ITAT noted deficiencies in the AO's inquiries and lack of evidence to refute the assessee's claims, leading to the deletion of the addition. Case-Laws Income Tax Wed, 09 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418556