https://www.taxtmi.com/caselaws?id=421070 The Tribunal upheld the CIT(A)'s decision to delete additions under section 68 for both the share application money and loan repayments. It emphasized the importance of establishing identity, creditworthiness, and genuineness of transactions. The Tribunal also dismissed the assessee's cross-objections and did not adjudicate the validity of the notice issued under section 148 and assessment framed under section 143(3) r.w.s. 147, as the revenue's appeal on merits was dismissed. en-us Wed, 13 Apr 2022 00:00:00 +0530 Sat, 16 Apr 2022 08:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421070 The Tribunal upheld the CIT(A)'s decision to delete additions under section 68 for both the share application money and loan repayments. It emphasized the importance of establishing identity, creditworthiness, and genuineness of transactions. The Tribunal also dismissed the assessee's cross-objections and did not adjudicate the validity of the notice issued under section 148 and assessment framed under section 143(3) r.w.s. 147, as the revenue's appeal on merits was dismissed. Case-Laws Income Tax Wed, 13 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421070