Income Tax Tribunal Upholds Decision to Delete Additions Due to Assessee's Evidence Proving Transaction Genuineness.

Income Tax Tribunal Upholds Decision to Delete Additions Due to Assessee's Evidence Proving Transaction Genuineness. https://www.taxtmi.com/highlights?id=74805 Undisclosed cash credit u/s 68 - non-appearance of directors - As per DR assessee has failed to prove the genuineness of transaction and creditworthiness of the share applicants - The Ld. CIT(A) found that the AO did not properly consider the documentary evidence provided by the assessee, including the identities and creditworthiness of the share applicants and the genuineness of the transactions. - Accordingly, the ITAT confirmed the order of CIT(A) deleting the additions. en-us Sat, 10 Feb 2024 11:46:05 +0530 Sat, 10 Feb 2024 11:46:05 +0530 TaxTMI RSS Generator Income Tax Tribunal Upholds Decision to Delete Additions Due to Assessee's Evidence Proving Transaction Genuineness. https://www.taxtmi.com/highlights?id=74805 Undisclosed cash credit u/s 68 - non-appearance of directors - As per DR assessee has failed to prove the genuineness of transaction and creditworthiness of the share applicants - The Ld. CIT(A) found that the AO did not properly consider the documentary evidence provided by the assessee, including the identities and creditworthiness of the share applicants and the genuineness of the transactions. - Accordingly, the ITAT confirmed the order of CIT(A) deleting the additions. Highlights Income Tax Sat, 10 Feb 2024 11:46:05 +0530 https://www.taxtmi.com/highlights?id=74805