https://www.taxtmi.com/caselaws?id=432661 The Tribunal dismissed the revenue's appeal challenging the deletion of an addition made by the Assessing Officer under section 68 of the Income Tax Act, 1961. It upheld the CIT(A)'s decision, emphasizing the legitimacy of the transactions based on established facts and evidence. The Tribunal also rejected the revenue's argument regarding the acceptance of additional evidence during the appeal, citing the sufficiency of documents provided by the assessee and the compliance with summons by the common director. The judgment underscored the importance of corroborative evidence and past assessments in determining the validity of the share capital raised. en-us Mon, 12 Dec 2022 00:00:00 +0530 Wed, 11 Jan 2023 08:43:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432661 The Tribunal dismissed the revenue's appeal challenging the deletion of an addition made by the Assessing Officer under section 68 of the Income Tax Act, 1961. It upheld the CIT(A)'s decision, emphasizing the legitimacy of the transactions based on established facts and evidence. The Tribunal also rejected the revenue's argument regarding the acceptance of additional evidence during the appeal, citing the sufficiency of documents provided by the assessee and the compliance with summons by the common director. The judgment underscored the importance of corroborative evidence and past assessments in determining the validity of the share capital raised. Case-Laws Income Tax Mon, 12 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432661