https://www.taxtmi.com/caselaws?id=429004 The Tribunal found that the assessee had sufficiently proven the identity and creditworthiness of the share subscribers and the genuineness of the transaction. The AO's addition of Rs. 2.15 crores as unexplained income under Section 68 of the Income Tax Act was deemed unjustified due to lack of discrepancies pointed out and independent inquiry conducted. The Tribunal ordered the deletion of the addition. Regarding the addition of Rs. 72,224 under Section 14A read with Rule 8D, the Tribunal's decision was implicit in the overall judgment favoring the assessee, leading to the deletion of this addition as well. en-us Wed, 12 Oct 2022 00:00:00 +0530 Sat, 15 Oct 2022 10:44:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429004 The Tribunal found that the assessee had sufficiently proven the identity and creditworthiness of the share subscribers and the genuineness of the transaction. The AO's addition of Rs. 2.15 crores as unexplained income under Section 68 of the Income Tax Act was deemed unjustified due to lack of discrepancies pointed out and independent inquiry conducted. The Tribunal ordered the deletion of the addition. Regarding the addition of Rs. 72,224 under Section 14A read with Rule 8D, the Tribunal's decision was implicit in the overall judgment favoring the assessee, leading to the deletion of this addition as well. Case-Laws Income Tax Wed, 12 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429004