https://www.taxtmi.com/caselaws?id=446150 ITAT Delhi upheld CIT(A)'s deletion of additions under section 68 for unexplained cash credits from share application money and unsecured loans. The assessee successfully discharged the onus of proving identity, capacity and creditworthiness of investors. AO failed to bring adverse material despite enquiries. CIT(A) relied on SC precedents including CIT vs Lovely Exports. However, ITAT reversed CIT(A)'s restriction of estimated business income addition, restoring AO's addition of Rs. 2,31,200 as CIT(A) reduced it to Rs. 1 lakh without justified basis. Partially decided in favor of revenue. en-us Wed, 30 Aug 2023 00:00:00 +0530 Sat, 25 Nov 2023 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446150 ITAT Delhi upheld CIT(A)'s deletion of additions under section 68 for unexplained cash credits from share application money and unsecured loans. The assessee successfully discharged the onus of proving identity, capacity and creditworthiness of investors. AO failed to bring adverse material despite enquiries. CIT(A) relied on SC precedents including CIT vs Lovely Exports. However, ITAT reversed CIT(A)'s restriction of estimated business income addition, restoring AO's addition of Rs. 2,31,200 as CIT(A) reduced it to Rs. 1 lakh without justified basis. Partially decided in favor of revenue. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446150