https://www.taxtmi.com/caselaws?id=428033 The ITAT partially allowed the appeal, setting aside the addition of share capital under section 68 of the Income Tax Act and directing further investigation into potential financial fraud involving diversion of funds to the Sahara group through shell companies. The assessing officer was instructed to conduct a detailed inquiry, summon relevant parties, and verify the identity and creditworthiness of investors. The decision highlighted the importance of thorough scrutiny and verification of financial transactions, emphasizing the need for a comprehensive investigation. en-us Tue, 20 Sep 2022 00:00:00 +0530 Thu, 22 Sep 2022 07:40:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428033 The ITAT partially allowed the appeal, setting aside the addition of share capital under section 68 of the Income Tax Act and directing further investigation into potential financial fraud involving diversion of funds to the Sahara group through shell companies. The assessing officer was instructed to conduct a detailed inquiry, summon relevant parties, and verify the identity and creditworthiness of investors. The decision highlighted the importance of thorough scrutiny and verification of financial transactions, emphasizing the need for a comprehensive investigation. Case-Laws Income Tax Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428033