https://www.taxtmi.com/caselaws?id=764460 The ITAT Nagpur dismissed the Revenue's appeal challenging deletion of addition under section 68 for unexplained credits. The assessee company received share capital contributions which the Revenue alleged were routed unaccounted money disguised as share application and premium. The CIT(A) had deleted the addition. The ITAT held that the assessee adequately explained the identity, creditworthiness and genuineness of share capital transactions, satisfying section 68 requirements. The tribunal confirmed the share capital contribution was not unexplained credit based on facts and evidence, upholding the CIT(A)'s decision to delete the addition. en-us Wed, 08 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 08:58:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764460 The ITAT Nagpur dismissed the Revenue's appeal challenging deletion of addition under section 68 for unexplained credits. The assessee company received share capital contributions which the Revenue alleged were routed unaccounted money disguised as share application and premium. The CIT(A) had deleted the addition. The ITAT held that the assessee adequately explained the identity, creditworthiness and genuineness of share capital transactions, satisfying section 68 requirements. The tribunal confirmed the share capital contribution was not unexplained credit based on facts and evidence, upholding the CIT(A)'s decision to delete the addition. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764460