https://www.taxtmi.com/caselaws?id=760250 ITAT Mumbai dismissed revenue's appeal regarding additions under section 68 for bogus share capital and loan transactions. The tribunal upheld CIT(A)'s deletion of additions after finding assessee discharged onus by proving identity, creditworthiness, and genuineness of transactions. Share capital was introduced by company director who was major shareholder, establishing genuineness. Additional evidence was properly admitted under Rule 46A due to COVID-19 containment zone restrictions preventing timely submission. Assessing officer in remand proceedings accepted overwhelming evidence produced by assessee regarding loan transaction from NVPL. Revenue failed to produce contrary evidence challenging CIT(A)'s findings or remand report conclusions. en-us Mon, 12 Feb 2024 00:00:00 +0530 Wed, 18 Dec 2024 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760250 ITAT Mumbai dismissed revenue's appeal regarding additions under section 68 for bogus share capital and loan transactions. The tribunal upheld CIT(A)'s deletion of additions after finding assessee discharged onus by proving identity, creditworthiness, and genuineness of transactions. Share capital was introduced by company director who was major shareholder, establishing genuineness. Additional evidence was properly admitted under Rule 46A due to COVID-19 containment zone restrictions preventing timely submission. Assessing officer in remand proceedings accepted overwhelming evidence produced by assessee regarding loan transaction from NVPL. Revenue failed to produce contrary evidence challenging CIT(A)'s findings or remand report conclusions. Case-Laws Income Tax Mon, 12 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760250