https://www.taxtmi.com/caselaws?id=449433 ITAT Kolkata upheld CIT(A)'s deletion of addition under section 68 for unexplained share application money. The assessee successfully discharged burden of proof by providing documentary evidence establishing identity, creditworthiness of share subscribers, and genuineness of transactions. Share subscribing companies had sufficient capital and reserves to cover investments. AO failed to conduct independent inquiry despite general allegations of shell companies without concrete evidence. Once assessee furnished required documents without discrepancies, burden shifted to AO to verify and specify dissatisfaction grounds. Revenue's general observations insufficient to sustain addition. en-us Thu, 08 Feb 2024 00:00:00 +0530 Mon, 12 Feb 2024 06:29:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449433 ITAT Kolkata upheld CIT(A)'s deletion of addition under section 68 for unexplained share application money. The assessee successfully discharged burden of proof by providing documentary evidence establishing identity, creditworthiness of share subscribers, and genuineness of transactions. Share subscribing companies had sufficient capital and reserves to cover investments. AO failed to conduct independent inquiry despite general allegations of shell companies without concrete evidence. Once assessee furnished required documents without discrepancies, burden shifted to AO to verify and specify dissatisfaction grounds. Revenue's general observations insufficient to sustain addition. Case-Laws Income Tax Thu, 08 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449433