https://www.taxtmi.com/caselaws?id=461226 ITAT Kolkata allowed the assessee's appeal and deleted the addition made under section 68 of the Income Tax Act. The tribunal held that the assessee successfully discharged the burden of proof regarding the identity and creditworthiness of nine share applicants and the genuineness of share transactions. The Revenue Authorities failed to dispute the correctness of details provided, making only general observations. The lower authorities lacked justification for treating share capital and share premium as unexplained income under section 68. en-us Mon, 15 Jul 2024 00:00:00 +0530 Sat, 22 Mar 2025 08:33:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461226 ITAT Kolkata allowed the assessee's appeal and deleted the addition made under section 68 of the Income Tax Act. The tribunal held that the assessee successfully discharged the burden of proof regarding the identity and creditworthiness of nine share applicants and the genuineness of share transactions. The Revenue Authorities failed to dispute the correctness of details provided, making only general observations. The lower authorities lacked justification for treating share capital and share premium as unexplained income under section 68. Case-Laws Income Tax Mon, 15 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461226