https://www.taxtmi.com/caselaws?id=435929 The Tribunal condoned the delay in filing the appeal due to bona fide reasons. The deletion of Rs. 7,22,00,000/- added under Section 68 of the Income Tax Act was contested by the revenue, but the CIT(A) reversed the AO's decision, finding that the assessee had proven the identity and creditworthiness of the share applicants. The Tribunal upheld the CIT(A)'s decision, stating that the AO's addition lacked sufficient evidence and violated principles of natural justice. The revenue's appeal was dismissed, confirming that the addition as unexplained cash credit was unwarranted. en-us Tue, 28 Mar 2023 00:00:00 +0530 Thu, 30 Mar 2023 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435929 The Tribunal condoned the delay in filing the appeal due to bona fide reasons. The deletion of Rs. 7,22,00,000/- added under Section 68 of the Income Tax Act was contested by the revenue, but the CIT(A) reversed the AO's decision, finding that the assessee had proven the identity and creditworthiness of the share applicants. The Tribunal upheld the CIT(A)'s decision, stating that the AO's addition lacked sufficient evidence and violated principles of natural justice. The revenue's appeal was dismissed, confirming that the addition as unexplained cash credit was unwarranted. Case-Laws Income Tax Tue, 28 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435929