https://www.taxtmi.com/caselaws?id=770477 ITAT Delhi upheld additions under section 68 for unexplained share application money from two companies, ruling the assessee failed to establish identity, genuineness, and creditworthiness of share applicants despite statutory burden. Following SC precedent in NRA Iron and Steel and Delhi HC in Nova Promoters, the tribunal confirmed AO's additions. Additionally, ITAT dismissed appeal regarding disallowance of loss on sale of fixed assets, holding such losses are not allowable business expenditure under section 37, as sale proceeds should reduce asset block value for depreciation computation rather than being claimed as business loss. en-us Wed, 07 May 2025 00:00:00 +0530 Mon, 12 May 2025 09:01:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770477 ITAT Delhi upheld additions under section 68 for unexplained share application money from two companies, ruling the assessee failed to establish identity, genuineness, and creditworthiness of share applicants despite statutory burden. Following SC precedent in NRA Iron and Steel and Delhi HC in Nova Promoters, the tribunal confirmed AO's additions. Additionally, ITAT dismissed appeal regarding disallowance of loss on sale of fixed assets, holding such losses are not allowable business expenditure under section 37, as sale proceeds should reduce asset block value for depreciation computation rather than being claimed as business loss. Case-Laws Income Tax Wed, 07 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770477