https://www.taxtmi.com/caselaws?id=766097 The ITAT Ahmedabad upheld CIT(A)'s deletion of additions under sections 68 and 69C regarding unexplained share application money with premium. The AO treated share application money as unexplained income and related commission expenses as unexplained expenditure. CIT(A) verified through MCA website that alleged directors were not actually directors during the relevant year, making their affidavits lack evidentiary value. The tribunal found AO's additions were based on surmises without proper verification, while CIT(A) conducted thorough fact verification and obtained remand report. Revenue failed to dispute findings with relevant evidence. Decision favored assessee against revenue. en-us Tue, 21 Jan 2025 00:00:00 +0530 Thu, 14 May 2026 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766097 The ITAT Ahmedabad upheld CIT(A)'s deletion of additions under sections 68 and 69C regarding unexplained share application money with premium. The AO treated share application money as unexplained income and related commission expenses as unexplained expenditure. CIT(A) verified through MCA website that alleged directors were not actually directors during the relevant year, making their affidavits lack evidentiary value. The tribunal found AO's additions were based on surmises without proper verification, while CIT(A) conducted thorough fact verification and obtained remand report. Revenue failed to dispute findings with relevant evidence. Decision favored assessee against revenue. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766097