https://www.taxtmi.com/caselaws?id=768985 The ITAT Jaipur ruled in favor of the assessee regarding unexplained cash credit under section 68 for share application money received. The assessee provided comprehensive documentation including PAN, share applications, board resolutions, confirmations, financial statements, and bank statements proving identity, creditworthiness, and genuineness of transactions. The AO ignored this evidence and relied solely on third-party statements recorded during search operations. The tribunal noted that the statement maker had retracted his statement, and following Rajasthan HC precedent, held that additions cannot be made based on retracted statements alone. The appeal was decided against the revenue. en-us Wed, 18 Dec 2024 00:00:00 +0530 Wed, 16 Apr 2025 11:40:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768985 The ITAT Jaipur ruled in favor of the assessee regarding unexplained cash credit under section 68 for share application money received. The assessee provided comprehensive documentation including PAN, share applications, board resolutions, confirmations, financial statements, and bank statements proving identity, creditworthiness, and genuineness of transactions. The AO ignored this evidence and relied solely on third-party statements recorded during search operations. The tribunal noted that the statement maker had retracted his statement, and following Rajasthan HC precedent, held that additions cannot be made based on retracted statements alone. The appeal was decided against the revenue. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768985