https://www.taxtmi.com/caselaws?id=434323 The Tribunal held that the addition of Rs. 14,63,00,000 under Section 68 of the Income Tax Act was unjustified. The assessee successfully proved the identity, creditworthiness of the share subscribers, and the genuineness of the transaction. The Tribunal emphasized that the investments were legitimate, made through proper banking channels, and reflected in the shareholders' books. The appeal was allowed, and the addition was ordered to be deleted, following the precedent set by a decision of the Calcutta High Court. en-us Wed, 30 Nov 2022 00:00:00 +0530 Mon, 20 Feb 2023 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434323 The Tribunal held that the addition of Rs. 14,63,00,000 under Section 68 of the Income Tax Act was unjustified. The assessee successfully proved the identity, creditworthiness of the share subscribers, and the genuineness of the transaction. The Tribunal emphasized that the investments were legitimate, made through proper banking channels, and reflected in the shareholders' books. The appeal was allowed, and the addition was ordered to be deleted, following the precedent set by a decision of the Calcutta High Court. Case-Laws Income Tax Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434323