https://www.taxtmi.com/caselaws?id=308437 The Tribunal upheld the CIT(A)'s decision to delete the addition made under Section 68 of the Income Tax Act, amounting to Rs. 30,27,80,000. The assessee successfully proved the identity, creditworthiness, and genuineness of the share application money received from the investor companies, M/s Anushka Soft-Tel Pvt. Ltd. and M/s Sunny Wisdom Enterprise Inc. The Tribunal emphasized that the AO's findings were factually incorrect and lacked further investigation. The Revenue's plea to restore the AO's order was dismissed, citing established legal principles that support the assessee's position. en-us Tue, 25 Jan 2022 00:00:00 +0530 Mon, 26 Jun 2023 20:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308437 The Tribunal upheld the CIT(A)'s decision to delete the addition made under Section 68 of the Income Tax Act, amounting to Rs. 30,27,80,000. The assessee successfully proved the identity, creditworthiness, and genuineness of the share application money received from the investor companies, M/s Anushka Soft-Tel Pvt. Ltd. and M/s Sunny Wisdom Enterprise Inc. The Tribunal emphasized that the AO's findings were factually incorrect and lacked further investigation. The Revenue's plea to restore the AO's order was dismissed, citing established legal principles that support the assessee's position. Case-Laws Income Tax Tue, 25 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308437