https://www.taxtmi.com/caselaws?id=765847 ITAT Delhi upheld CIT(A)'s decision deleting additions under section 68 for bogus share capital and unsecured loans. The assessee had provided required documentation including shareholder confirmations, bank statements, and ITRs. AO failed to conduct further enquiry or seek additional substantiation before making additions. CIT(A) correctly found that assessee proved identity, genuineness, and creditworthiness of shareholders and lenders. For unsecured loans, no requirement existed to prove source of source. CIT(A) properly applied section 14A provisions based on actual exempt income received. Revenue's appeal dismissed on all grounds including procedural objections regarding admission of additional evidence. en-us Fri, 07 Feb 2025 00:00:00 +0530 Mon, 23 Feb 2026 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765847 ITAT Delhi upheld CIT(A)'s decision deleting additions under section 68 for bogus share capital and unsecured loans. The assessee had provided required documentation including shareholder confirmations, bank statements, and ITRs. AO failed to conduct further enquiry or seek additional substantiation before making additions. CIT(A) correctly found that assessee proved identity, genuineness, and creditworthiness of shareholders and lenders. For unsecured loans, no requirement existed to prove source of source. CIT(A) properly applied section 14A provisions based on actual exempt income received. Revenue's appeal dismissed on all grounds including procedural objections regarding admission of additional evidence. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765847