https://www.taxtmi.com/caselaws?id=440804 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the addition of Rs. 5,79,99,060/- under Section 68 of the Income-tax Act, 1961. The Tribunal found that the assessee had sufficiently proven the genuineness and creditworthiness of the share applicants, despite non-compliance with statutory notices under Section 133(6) of the Act. The Tribunal emphasized that the burden of proof under Section 68 requires thorough investigation by the AO and dismissed the Revenue's appeal, citing precedents that non-compliance with notices alone does not justify additions under Section 68. en-us Wed, 31 May 2023 00:00:00 +0530 Thu, 27 Jul 2023 08:05:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440804 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the addition of Rs. 5,79,99,060/- under Section 68 of the Income-tax Act, 1961. The Tribunal found that the assessee had sufficiently proven the genuineness and creditworthiness of the share applicants, despite non-compliance with statutory notices under Section 133(6) of the Act. The Tribunal emphasized that the burden of proof under Section 68 requires thorough investigation by the AO and dismissed the Revenue's appeal, citing precedents that non-compliance with notices alone does not justify additions under Section 68. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440804