https://www.taxtmi.com/caselaws?id=446864 ITAT Kolkata ruled in favor of the assessee on two issues. First, regarding unexplained cash credit from share application money, the tribunal held that non-compliance with summons under section 131 cannot justify addition when the assessee provided complete evidence proving identity, creditworthiness, and genuineness of transactions. The AO failed to verify or identify defects in submitted evidence. Second, concerning disallowance under section 14A read with Rule 8D, the tribunal ruled no disallowance is permissible where no exempt income exists, following established precedents. Both additions were deleted. en-us Mon, 11 Dec 2023 00:00:00 +0530 Wed, 13 Dec 2023 07:54:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446864 ITAT Kolkata ruled in favor of the assessee on two issues. First, regarding unexplained cash credit from share application money, the tribunal held that non-compliance with summons under section 131 cannot justify addition when the assessee provided complete evidence proving identity, creditworthiness, and genuineness of transactions. The AO failed to verify or identify defects in submitted evidence. Second, concerning disallowance under section 14A read with Rule 8D, the tribunal ruled no disallowance is permissible where no exempt income exists, following established precedents. Both additions were deleted. Case-Laws Income Tax Mon, 11 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446864