https://www.taxtmi.com/caselaws?id=754585 The appellate tribunal allowed the revenue's appeal for statistical purposes, directing the AO to re-examine the unexplained deposits in share capital and share application money for A.Y. 2009-10. The tribunal emphasized the necessity for the assessee to provide evidence establishing the identity, creditworthiness, and genuineness of the transactions, highlighting the importance of verifying the timing and legitimacy of financial transactions under the Income Tax Act. The CIT (A)'s reliance on unverified submissions was deemed insufficient, necessitating a thorough review of the facts and evidence to ensure compliance with statutory provisions. en-us Mon, 15 Jan 2024 00:00:00 +0530 Thu, 27 Jun 2024 08:54:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754585 The appellate tribunal allowed the revenue's appeal for statistical purposes, directing the AO to re-examine the unexplained deposits in share capital and share application money for A.Y. 2009-10. The tribunal emphasized the necessity for the assessee to provide evidence establishing the identity, creditworthiness, and genuineness of the transactions, highlighting the importance of verifying the timing and legitimacy of financial transactions under the Income Tax Act. The CIT (A)'s reliance on unverified submissions was deemed insufficient, necessitating a thorough review of the facts and evidence to ensure compliance with statutory provisions. Case-Laws Income Tax Mon, 15 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754585