https://www.taxtmi.com/caselaws?id=752596 The Bombay HC upheld ITAT's decision setting aside an addition of Rs. 4.99 crores under section 68 for unexplained credit. The Revenue alleged the assessee failed to prove genuineness and creditworthiness of share application money received from an individual. ITAT found no evidence the amount was for services rendered, making it a revenue receipt. The assessee provided substantial documentary evidence including share allotment returns, company resolutions, and court records showing the individual became a 25% shareholder through consent terms. HC concluded the assessee discharged its burden of proof regarding transaction genuineness, and ITAT's findings were based on proper legal principles and documentary evidence on record. en-us Fri, 10 May 2024 00:00:00 +0530 Tue, 14 May 2024 02:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752596 The Bombay HC upheld ITAT's decision setting aside an addition of Rs. 4.99 crores under section 68 for unexplained credit. The Revenue alleged the assessee failed to prove genuineness and creditworthiness of share application money received from an individual. ITAT found no evidence the amount was for services rendered, making it a revenue receipt. The assessee provided substantial documentary evidence including share allotment returns, company resolutions, and court records showing the individual became a 25% shareholder through consent terms. HC concluded the assessee discharged its burden of proof regarding transaction genuineness, and ITAT's findings were based on proper legal principles and documentary evidence on record. Case-Laws Income Tax Fri, 10 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752596