https://www.taxtmi.com/caselaws?id=753015 ITAT Jodhpur upheld CIT(A)'s deletion of addition under section 68 for alleged bogus share application money. The assessee successfully established identity, creditworthiness, and genuineness of investor companies, discharging primary onus. CIT(A) conducted detailed examination of each shareholder transaction and found share capital genuine. Department's appeal was rejected as no basis existed for the original addition. Commission expenses related to share applications were also deleted since underlying transactions were held genuine. Regarding reassessment validity, though CIT(A) deemed it academic, the issue remained open for consideration per established precedent. en-us Wed, 03 Jan 2024 00:00:00 +0530 Tue, 21 May 2024 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753015 ITAT Jodhpur upheld CIT(A)'s deletion of addition under section 68 for alleged bogus share application money. The assessee successfully established identity, creditworthiness, and genuineness of investor companies, discharging primary onus. CIT(A) conducted detailed examination of each shareholder transaction and found share capital genuine. Department's appeal was rejected as no basis existed for the original addition. Commission expenses related to share applications were also deleted since underlying transactions were held genuine. Regarding reassessment validity, though CIT(A) deemed it academic, the issue remained open for consideration per established precedent. Case-Laws Income Tax Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753015