https://www.taxtmi.com/caselaws?id=440806 The Tribunal allowed the appeal, deleting the additions and enhancements made by the CIT(A) under Sections 68 and 56(2)(viib) of the Income Tax Act. The Tribunal held that the assessee had sufficiently proved the identity, creditworthiness, and genuineness of transactions, shifting the burden to the Revenue, which failed to rebut the evidence. The Tribunal also ruled that the Revenue's actions exceeded the scope of limited scrutiny for share premium verification. The penalty proceedings under Section 271(1)(c) were not addressed due to the deletion of the additions. en-us Fri, 16 Jun 2023 00:00:00 +0530 Tue, 25 Jul 2023 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440806 The Tribunal allowed the appeal, deleting the additions and enhancements made by the CIT(A) under Sections 68 and 56(2)(viib) of the Income Tax Act. The Tribunal held that the assessee had sufficiently proved the identity, creditworthiness, and genuineness of transactions, shifting the burden to the Revenue, which failed to rebut the evidence. The Tribunal also ruled that the Revenue's actions exceeded the scope of limited scrutiny for share premium verification. The penalty proceedings under Section 271(1)(c) were not addressed due to the deletion of the additions. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440806