https://www.taxtmi.com/caselaws?id=427561 The appeal contested the treatment of share subscription as unexplained cash credits under section 68 of the Income Tax Act. The Assessing Officer added Rs.1,00,00,000 as unexplained cash credits due to the assessee's failure to produce directors of the companies involved. The Commissioner of Income Tax (Appeals) upheld this addition. The appeal was allowed on the grounds that the addition made by the lower authorities was unsustainable due to the lack of dispute over identity, creditworthiness, and genuineness of the transaction, leading to the deletion of the addition. en-us Fri, 09 Sep 2022 00:00:00 +0530 Mon, 12 Sep 2022 08:17:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427561 The appeal contested the treatment of share subscription as unexplained cash credits under section 68 of the Income Tax Act. The Assessing Officer added Rs.1,00,00,000 as unexplained cash credits due to the assessee's failure to produce directors of the companies involved. The Commissioner of Income Tax (Appeals) upheld this addition. The appeal was allowed on the grounds that the addition made by the lower authorities was unsustainable due to the lack of dispute over identity, creditworthiness, and genuineness of the transaction, leading to the deletion of the addition. Case-Laws Income Tax Fri, 09 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427561