https://www.taxtmi.com/caselaws?id=311683 The ITAT Surat dismissed the revenue's appeal regarding addition to share capital under section 68 for unexplained cash credit. The assessee provided complete details of lenders/depositors, with no evidence of accommodation entry providers or syndicate involvement. Majority investments were made by group companies or promoters at face value, with no proof of circular transactions. The tribunal affirmed the CIT(A)'s finding that the share capital additions were legitimate and properly explained. en-us Tue, 31 Jan 2023 00:00:00 +0530 Mon, 08 Jan 2024 20:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311683 The ITAT Surat dismissed the revenue's appeal regarding addition to share capital under section 68 for unexplained cash credit. The assessee provided complete details of lenders/depositors, with no evidence of accommodation entry providers or syndicate involvement. Majority investments were made by group companies or promoters at face value, with no proof of circular transactions. The tribunal affirmed the CIT(A)'s finding that the share capital additions were legitimate and properly explained. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311683