https://www.taxtmi.com/caselaws?id=433938 The Tribunal allowed the appeal, overturning the addition of INR 1,71,00,000 under section 68 of the Income Tax Act. It held that the assessee had adequately proven the identity and creditworthiness of shareholders, as well as the genuineness of the transactions. The Tribunal ruled that the first proviso to section 68 and section 56(2)(viib) were not applicable for the relevant assessment year. The appeal grounds raised by the assessee were accepted, emphasizing the insufficiency of evidence provided by the Assessing Officer. en-us Tue, 24 Jan 2023 00:00:00 +0530 Mon, 13 Feb 2023 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433938 The Tribunal allowed the appeal, overturning the addition of INR 1,71,00,000 under section 68 of the Income Tax Act. It held that the assessee had adequately proven the identity and creditworthiness of shareholders, as well as the genuineness of the transactions. The Tribunal ruled that the first proviso to section 68 and section 56(2)(viib) were not applicable for the relevant assessment year. The appeal grounds raised by the assessee were accepted, emphasizing the insufficiency of evidence provided by the Assessing Officer. Case-Laws Income Tax Tue, 24 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433938