https://www.taxtmi.com/caselaws?id=439639 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 21,21,90,000 made by the AO under section 68 of the Income Tax Act, as the assessee provided adequate evidence of the genuineness of share application money. The Tribunal also found the assessment proceedings initiated under section 147 to be invalid due to lack of evidence supporting the Revenue's claims. The Tribunal dismissed the Revenue's appeal and the assessee's cross-objection, affirming the CIT(A)'s order. en-us Fri, 23 Jun 2023 00:00:00 +0530 Thu, 29 Jun 2023 08:29:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439639 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 21,21,90,000 made by the AO under section 68 of the Income Tax Act, as the assessee provided adequate evidence of the genuineness of share application money. The Tribunal also found the assessment proceedings initiated under section 147 to be invalid due to lack of evidence supporting the Revenue's claims. The Tribunal dismissed the Revenue's appeal and the assessee's cross-objection, affirming the CIT(A)'s order. Case-Laws Income Tax Fri, 23 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439639