https://www.taxtmi.com/caselaws?id=767429 The HC set aside ITAT's order deleting addition u/s 68 for unexplained cash credit. The assessee received share subscription at high premium despite having no track record. While ITAT found three factors proved by assessee regarding identity, creditworthiness and genuineness of transaction, HC held this examination was inadequate. The Tribunal failed to properly examine appellate authority's factual findings or provide reasons for disagreement. HC applied human probability test, finding share subscription at huge premium defied logic given assessee's lack of track record. The Tribunal's cursory acceptance based solely on paper book observations without detailed reasoning was legally insufficient. Decision favored revenue. en-us Fri, 07 Mar 2025 00:00:00 +0530 Tue, 18 Mar 2025 08:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767429 The HC set aside ITAT's order deleting addition u/s 68 for unexplained cash credit. The assessee received share subscription at high premium despite having no track record. While ITAT found three factors proved by assessee regarding identity, creditworthiness and genuineness of transaction, HC held this examination was inadequate. The Tribunal failed to properly examine appellate authority's factual findings or provide reasons for disagreement. HC applied human probability test, finding share subscription at huge premium defied logic given assessee's lack of track record. The Tribunal's cursory acceptance based solely on paper book observations without detailed reasoning was legally insufficient. Decision favored revenue. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767429