https://www.taxtmi.com/caselaws?id=307261 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the addition of Rs. 1,76,00,000/- under Section 68 of the Income Tax Act, 1961. The ITAT agreed that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the share applicant companies. Additionally, the non-appearance of directors before the Assessing Officer was deemed insufficient grounds for the addition. The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s order. en-us Thu, 28 Feb 2019 00:00:00 +0530 Fri, 31 Mar 2023 08:48:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307261 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete the addition of Rs. 1,76,00,000/- under Section 68 of the Income Tax Act, 1961. The ITAT agreed that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the share applicant companies. Additionally, the non-appearance of directors before the Assessing Officer was deemed insufficient grounds for the addition. The ITAT dismissed the revenue's appeal, affirming the CIT(A)'s order. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307261