https://www.taxtmi.com/caselaws?id=462780 ITAT Mumbai ruled in favor of the assessee regarding share application money received under section 68. The AO made additions based on unverified statements without proper examination of documentary evidence provided by share applicants. Both share applicant companies responded to notices under section 133(6), furnished required details proving identity, creditworthiness, and transaction genuineness. The AO relied on third-party statements without confrontation and ignored that applicants were listed companies with substantial share capital. CIT(A) correctly deleted the addition as the assessee discharged the burden of proof under section 68. Appeal allowed. en-us Wed, 24 Oct 2018 00:00:00 +0530 Tue, 15 Jul 2025 19:09:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462780 ITAT Mumbai ruled in favor of the assessee regarding share application money received under section 68. The AO made additions based on unverified statements without proper examination of documentary evidence provided by share applicants. Both share applicant companies responded to notices under section 133(6), furnished required details proving identity, creditworthiness, and transaction genuineness. The AO relied on third-party statements without confrontation and ignored that applicants were listed companies with substantial share capital. CIT(A) correctly deleted the addition as the assessee discharged the burden of proof under section 68. Appeal allowed. Case-Laws Income Tax Wed, 24 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462780