https://www.taxtmi.com/caselaws?id=430391 The Tribunal upheld the CIT(A)'s decision, ruling that the assessee successfully proved the identity, creditworthiness of investors, and genuineness of transactions regarding the addition of Rs. 2,71,00,000 as unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal found the AO's reliance on non-compliance with summons insufficient and emphasized that issuing shares at a premium is a business decision beyond the AO's purview. The appeal by the revenue was dismissed, affirming the lower authorities' findings. en-us Thu, 10 Nov 2022 00:00:00 +0530 Thu, 17 Nov 2022 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430391 The Tribunal upheld the CIT(A)'s decision, ruling that the assessee successfully proved the identity, creditworthiness of investors, and genuineness of transactions regarding the addition of Rs. 2,71,00,000 as unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal found the AO's reliance on non-compliance with summons insufficient and emphasized that issuing shares at a premium is a business decision beyond the AO's purview. The appeal by the revenue was dismissed, affirming the lower authorities' findings. Case-Laws Income Tax Thu, 10 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430391