https://www.taxtmi.com/caselaws?id=427572 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition made under Section 68 of the Income Tax Act. The Tribunal emphasized the lack of corroborative evidence, the invalidity of retracted statements, and the comprehensive documentation provided by the assessee to prove the identity, creditworthiness, and genuineness of the shareholder companies. The Tribunal also clarified the non-applicability of the amended Section 68 for the assessment year in question. en-us Wed, 07 Sep 2022 00:00:00 +0530 Mon, 12 Sep 2022 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427572 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition made under Section 68 of the Income Tax Act. The Tribunal emphasized the lack of corroborative evidence, the invalidity of retracted statements, and the comprehensive documentation provided by the assessee to prove the identity, creditworthiness, and genuineness of the shareholder companies. The Tribunal also clarified the non-applicability of the amended Section 68 for the assessment year in question. Case-Laws Income Tax Wed, 07 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427572