https://www.taxtmi.com/caselaws?id=764633 The ITAT dismissed the revenue's appeal challenging deletion of addition under Section 68 for unexplained cash credit relating to share capital and premium. The tribunal held that the amended proviso to Section 68, requiring companies to explain the source of share applicant's funds, applied prospectively from April 1, 2013, and was not applicable to assessment year 2011-12. The CIT(A) correctly followed the Bombay HC precedent and conducted detailed analysis before deleting the addition. The assessee adequately proved identity, genuineness, and creditworthiness of investors, while the AO's addition was based on assumptions without substantive basis. en-us Wed, 08 Jan 2025 00:00:00 +0530 Wed, 15 Jan 2025 07:36:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764633 The ITAT dismissed the revenue's appeal challenging deletion of addition under Section 68 for unexplained cash credit relating to share capital and premium. The tribunal held that the amended proviso to Section 68, requiring companies to explain the source of share applicant's funds, applied prospectively from April 1, 2013, and was not applicable to assessment year 2011-12. The CIT(A) correctly followed the Bombay HC precedent and conducted detailed analysis before deleting the addition. The assessee adequately proved identity, genuineness, and creditworthiness of investors, while the AO's addition was based on assumptions without substantive basis. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764633