https://www.taxtmi.com/caselaws?id=446381 The HC dismissed the appeal under Section 260-A of the Income Tax Act, 1961, affirming the ITAT's decision to delete the addition of unexplained credits in the assessee company's share capital. The court found no substantial question of law, as the investment of Rs. 19 crores was made through banking channels and disclosed in the investors' books. The revenue authorities failed to prove the investment was bogus, relying on unsubstantiated statements without allowing cross-examination. The HC upheld that suspicions alone cannot lead to adverse findings without concrete evidence, placing the burden of proof on the revenue authorities. en-us Thu, 30 Nov 2023 00:00:00 +0530 Wed, 07 Feb 2024 14:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446381 The HC dismissed the appeal under Section 260-A of the Income Tax Act, 1961, affirming the ITAT's decision to delete the addition of unexplained credits in the assessee company's share capital. The court found no substantial question of law, as the investment of Rs. 19 crores was made through banking channels and disclosed in the investors' books. The revenue authorities failed to prove the investment was bogus, relying on unsubstantiated statements without allowing cross-examination. The HC upheld that suspicions alone cannot lead to adverse findings without concrete evidence, placing the burden of proof on the revenue authorities. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446381