https://www.taxtmi.com/caselaws?id=456320 ITAT Delhi ruled in favor of the assessee regarding addition under section 68 for unexplained cash credit. The AO had added share application money after inspector's report suggested share applicants couldn't be identified. However, all share applicants responded to section 133(6) notices, providing ledger accounts, bank statements, and IT returns directly to AO. Transactions were conducted through banking channels, and subscriber companies provided complete documentation including balance sheets and ROC details. ITAT held that assessee discharged initial onus under section 68 by identifying shareholders, citing SC precedent in Lovely Exports. No addition warranted as unexplained cash credit. en-us Thu, 29 Nov 2018 00:00:00 +0530 Tue, 16 Jul 2024 21:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456320 ITAT Delhi ruled in favor of the assessee regarding addition under section 68 for unexplained cash credit. The AO had added share application money after inspector's report suggested share applicants couldn't be identified. However, all share applicants responded to section 133(6) notices, providing ledger accounts, bank statements, and IT returns directly to AO. Transactions were conducted through banking channels, and subscriber companies provided complete documentation including balance sheets and ROC details. ITAT held that assessee discharged initial onus under section 68 by identifying shareholders, citing SC precedent in Lovely Exports. No addition warranted as unexplained cash credit. Case-Laws Income Tax Thu, 29 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456320