https://www.taxtmi.com/caselaws?id=756837 The ITAT Delhi ruled in favor of the assessee regarding unexplained credit under Section 68. The tribunal held that the assessee successfully proved the identity and genuineness of share application transactions. All shareholders responded to summons and appeared before the AO, providing sources for their investments. The tribunal noted that shareholders were small investors contributing amounts ranging from Rs. 480 to Rs. 60,000, and transactions were conducted through banking channels. The AO's ad hoc disallowance of expenses was also deleted as no specific defects were identified in the books of account. The tribunal directed deletion of additions made by the AO. en-us Wed, 07 Aug 2024 00:00:00 +0530 Fri, 09 Aug 2024 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756837 The ITAT Delhi ruled in favor of the assessee regarding unexplained credit under Section 68. The tribunal held that the assessee successfully proved the identity and genuineness of share application transactions. All shareholders responded to summons and appeared before the AO, providing sources for their investments. The tribunal noted that shareholders were small investors contributing amounts ranging from Rs. 480 to Rs. 60,000, and transactions were conducted through banking channels. The AO's ad hoc disallowance of expenses was also deleted as no specific defects were identified in the books of account. The tribunal directed deletion of additions made by the AO. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756837