https://www.taxtmi.com/caselaws?id=304430 The additions made on account of unexplained cash credits under section 68 of the IT Act for assessment years 2007-08 and 2008-09 were deleted by the CIT(A) due to the assessee providing substantial documentary evidence to establish the genuineness of the share applicants. The CIT(A) found that the AO's reliance on statements and documents obtained during search and survey operations was not justified, as the assessee had fulfilled its burden of proof. The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeals. en-us Fri, 14 Dec 2012 00:00:00 +0530 Mon, 26 Sep 2022 15:24:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304430 The additions made on account of unexplained cash credits under section 68 of the IT Act for assessment years 2007-08 and 2008-09 were deleted by the CIT(A) due to the assessee providing substantial documentary evidence to establish the genuineness of the share applicants. The CIT(A) found that the AO's reliance on statements and documents obtained during search and survey operations was not justified, as the assessee had fulfilled its burden of proof. The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeals. Case-Laws Income Tax Fri, 14 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304430