https://www.taxtmi.com/caselaws?id=759068 ITAT Jaipur allowed the appeal against addition under Section 68 for alleged bogus share application receipts. The case was reopened solely based on a retracted statement from an unrelated third party during search proceedings. The assessee provided comprehensive evidence including share application forms, board resolutions, PAN cards, bank statements, income tax returns, and director affidavits proving identity, creditworthiness, and genuineness of transactions. The AO failed to record dissatisfaction with the explanation provided. The tribunal noted that provisions for share application money additions under Section 68 were inserted only from April 1, 2013, making the addition legally invalid for the assessment year under consideration. en-us Thu, 05 Sep 2024 00:00:00 +0530 Mon, 23 Sep 2024 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759068 ITAT Jaipur allowed the appeal against addition under Section 68 for alleged bogus share application receipts. The case was reopened solely based on a retracted statement from an unrelated third party during search proceedings. The assessee provided comprehensive evidence including share application forms, board resolutions, PAN cards, bank statements, income tax returns, and director affidavits proving identity, creditworthiness, and genuineness of transactions. The AO failed to record dissatisfaction with the explanation provided. The tribunal noted that provisions for share application money additions under Section 68 were inserted only from April 1, 2013, making the addition legally invalid for the assessment year under consideration. Case-Laws Income Tax Thu, 05 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759068