https://www.taxtmi.com/caselaws?id=429002 The Tribunal allowed the appeal, directing the deletion of the addition of Rs.99,88,082 made by the Assessing Officer regarding share application money/share premium received from IL & FS. The Tribunal found the transactions were genuine, as reflected in IL & FS's accounts and verified by the Income Tax Department. It held that the creditworthiness of IL & FS was established, citing its registration with SEBI as a Venture Capital Fund and no adverse views in subsequent years. The Tribunal directed the re-computation of interest under sections 234A, 234B, and 234C by the Assessing Officer. en-us Thu, 29 Sep 2022 00:00:00 +0530 Sat, 15 Oct 2022 10:44:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429002 The Tribunal allowed the appeal, directing the deletion of the addition of Rs.99,88,082 made by the Assessing Officer regarding share application money/share premium received from IL & FS. The Tribunal found the transactions were genuine, as reflected in IL & FS's accounts and verified by the Income Tax Department. It held that the creditworthiness of IL & FS was established, citing its registration with SEBI as a Venture Capital Fund and no adverse views in subsequent years. The Tribunal directed the re-computation of interest under sections 234A, 234B, and 234C by the Assessing Officer. Case-Laws Income Tax Thu, 29 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429002