https://www.taxtmi.com/caselaws?id=753184 The ITAT Delhi set aside the CIT(A)'s order granting relief to the assessee regarding unexplained credits under section 68. The tribunal found that CIT(A) failed to conduct necessary enquiries into the genuineness of share application money and creditworthiness of applicants, despite AO's specific objections. CIT(A) summarily accepted assessee's submissions without examining vital aspects like circumstances for granting heavy amounts to a company with meager capital, applicants' capacity, and investment circumstances. The matter was remanded to CIT(A) for fresh adjudication with proper enquiry. Revenue's appeal was allowed for statistical purposes. en-us Fri, 17 May 2024 00:00:00 +0530 Mon, 27 May 2024 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753184 The ITAT Delhi set aside the CIT(A)'s order granting relief to the assessee regarding unexplained credits under section 68. The tribunal found that CIT(A) failed to conduct necessary enquiries into the genuineness of share application money and creditworthiness of applicants, despite AO's specific objections. CIT(A) summarily accepted assessee's submissions without examining vital aspects like circumstances for granting heavy amounts to a company with meager capital, applicants' capacity, and investment circumstances. The matter was remanded to CIT(A) for fresh adjudication with proper enquiry. Revenue's appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 17 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753184