https://www.taxtmi.com/caselaws?id=763805 ITAT Kolkata dismissed revenue's appeal regarding addition under section 68 for share application money treated as income from unexplained sources. The assessee had furnished complete details and documents proving identity, creditworthiness of share subscribers and genuineness of transactions. AO failed to conduct independent inquiry or point out discrepancies in evidence provided. Court held assessee discharged initial burden, shifting onus to AO to examine evidence and justify dissatisfaction. Applying Supreme Court precedent in PCIT vs. NRA Iron and Steel Pvt. Ltd., the additions were unwarranted. en-us Tue, 17 Dec 2024 00:00:00 +0530 Fri, 27 Dec 2024 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763805 ITAT Kolkata dismissed revenue's appeal regarding addition under section 68 for share application money treated as income from unexplained sources. The assessee had furnished complete details and documents proving identity, creditworthiness of share subscribers and genuineness of transactions. AO failed to conduct independent inquiry or point out discrepancies in evidence provided. Court held assessee discharged initial burden, shifting onus to AO to examine evidence and justify dissatisfaction. Applying Supreme Court precedent in PCIT vs. NRA Iron and Steel Pvt. Ltd., the additions were unwarranted. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763805