https://www.taxtmi.com/caselaws?id=766284 Section 68 addition on funds received from another company was not sustained where the assessee produced confirmations, bank records, an explanation for the timing difference in part of the amount, and material showing the source of funds in the intermediary company's hands. The assessment record of that intermediary also showed that the Department had accepted the share application money received from the foreign promoter. On that corroborative material, the basis for treating the receipt as unexplained was not made out, and the addition was deleted in favour of the assessee. en-us Wed, 19 Feb 2025 00:00:00 +0530 Fri, 21 Feb 2025 08:23:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766284 Section 68 addition on funds received from another company was not sustained where the assessee produced confirmations, bank records, an explanation for the timing difference in part of the amount, and material showing the source of funds in the intermediary company's hands. The assessment record of that intermediary also showed that the Department had accepted the share application money received from the foreign promoter. On that corroborative material, the basis for treating the receipt as unexplained was not made out, and the addition was deleted in favour of the assessee. Case-Laws Income Tax Wed, 19 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766284