https://www.taxtmi.com/caselaws?id=424182 The Tribunal overturned the addition of Rs.49,00,000 as unexplained share application money and Rs.49,000 as commission in the assessment year 2010-11. The Tribunal found that the Assessing Officer's reliance on statements without independent verification was insufficient. Lack of concrete evidence linking the funds to illegitimate sources and the absence of an independent inquiry led to the deletion of the additions. Emphasizing the importance of substantiated findings, the Tribunal highlighted the need for thorough investigation before making such determinations, ultimately allowing the appeal and deleting both additions. en-us Tue, 21 Jun 2022 00:00:00 +0530 Wed, 22 Jun 2022 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424182 The Tribunal overturned the addition of Rs.49,00,000 as unexplained share application money and Rs.49,000 as commission in the assessment year 2010-11. The Tribunal found that the Assessing Officer's reliance on statements without independent verification was insufficient. Lack of concrete evidence linking the funds to illegitimate sources and the absence of an independent inquiry led to the deletion of the additions. Emphasizing the importance of substantiated findings, the Tribunal highlighted the need for thorough investigation before making such determinations, ultimately allowing the appeal and deleting both additions. Case-Laws Income Tax Tue, 21 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424182