https://www.taxtmi.com/caselaws?id=430095 The Tribunal dismissed the Department's appeal and upheld the CIT(A)'s decision to delete the addition made by the AO regarding share application money received. It was found that the assessee had proven the identity, genuineness, and creditworthiness of the investors, satisfying the requirements for the assessment year in question. The Tribunal emphasized that prior to the amendment of Section 68 in 2012, the assessee was not obligated to explain the source of the source of funds. en-us Tue, 28 Jun 2022 00:00:00 +0530 Fri, 11 Nov 2022 09:01:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430095 The Tribunal dismissed the Department's appeal and upheld the CIT(A)'s decision to delete the addition made by the AO regarding share application money received. It was found that the assessee had proven the identity, genuineness, and creditworthiness of the investors, satisfying the requirements for the assessment year in question. The Tribunal emphasized that prior to the amendment of Section 68 in 2012, the assessee was not obligated to explain the source of the source of funds. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430095