https://www.taxtmi.com/caselaws?id=449065 ITAT Delhi dismissed Revenue's appeal regarding addition under section 68 for alleged bogus share transactions. The assessee successfully established identity, creditworthiness and genuineness of shareholders through confirmations, bank statements, share application forms, addresses and PAN numbers. CIT(A) deleted the addition after considering evidence and remand report, finding shareholders genuine. CIT(A) also deleted disallowed expenses including salary, advertisement, electricity, telephone, computer maintenance and bank charges, noting payments were made through banking channels via ICICI Bank and IndusInd Bank. Revenue failed to rebut CIT(A)'s findings, resulting in dismissal of their appeal. en-us Tue, 19 Dec 2023 00:00:00 +0530 Mon, 05 Feb 2024 08:44:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449065 ITAT Delhi dismissed Revenue's appeal regarding addition under section 68 for alleged bogus share transactions. The assessee successfully established identity, creditworthiness and genuineness of shareholders through confirmations, bank statements, share application forms, addresses and PAN numbers. CIT(A) deleted the addition after considering evidence and remand report, finding shareholders genuine. CIT(A) also deleted disallowed expenses including salary, advertisement, electricity, telephone, computer maintenance and bank charges, noting payments were made through banking channels via ICICI Bank and IndusInd Bank. Revenue failed to rebut CIT(A)'s findings, resulting in dismissal of their appeal. Case-Laws Income Tax Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449065