https://www.taxtmi.com/caselaws?id=433991 The Tribunal dismissed the revenue's appeal, affirming that the assessee had proven the genuineness and creditworthiness of the share subscribers. The AO's addition of Rs. 21,08,00,000 as undisclosed cash credit under Section 68 was deleted as the AO failed to conduct an independent inquiry and did not comply with the directions under Section 263. The Tribunal emphasized that the burden of proof had shifted to the AO once the assessee provided sufficient documentation, citing judicial precedents supporting the assessee's position. en-us Wed, 28 Dec 2022 00:00:00 +0530 Wed, 15 Feb 2023 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433991 The Tribunal dismissed the revenue's appeal, affirming that the assessee had proven the genuineness and creditworthiness of the share subscribers. The AO's addition of Rs. 21,08,00,000 as undisclosed cash credit under Section 68 was deleted as the AO failed to conduct an independent inquiry and did not comply with the directions under Section 263. The Tribunal emphasized that the burden of proof had shifted to the AO once the assessee provided sufficient documentation, citing judicial precedents supporting the assessee's position. Case-Laws Income Tax Wed, 28 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433991