https://www.taxtmi.com/caselaws?id=426944 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the assessee successfully proved the identity, genuineness, and creditworthiness of the share applicants. The Tribunal emphasized the importance of demonstrating the source of funds and creditworthiness to avoid additions under section 68 of the Income Tax Act, 1961. As the Revenue failed to adequately question the source of funds or creditworthiness and with the established source of funds, the addition of Rs. 35 lakh under section 68 was deleted. en-us Thu, 04 Aug 2022 00:00:00 +0530 Mon, 29 Aug 2022 08:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426944 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the assessee successfully proved the identity, genuineness, and creditworthiness of the share applicants. The Tribunal emphasized the importance of demonstrating the source of funds and creditworthiness to avoid additions under section 68 of the Income Tax Act, 1961. As the Revenue failed to adequately question the source of funds or creditworthiness and with the established source of funds, the addition of Rs. 35 lakh under section 68 was deleted. Case-Laws Income Tax Thu, 04 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426944