https://www.taxtmi.com/caselaws?id=775348 The ITAT Nagpur held that the assessee satisfactorily established the identity, creditworthiness, and genuineness of the share capital contribution under section 68. The claim by the Department that the assessee must explain the source of the source was rejected as contrary to the jurisdictional HC precedent. Consequently, the share capital contribution was not treated as unexplained credit. The tribunal allowed the assessee's appeal, deleting the addition made by the revenue. en-us Wed, 08 Jan 2025 00:00:00 +0530 Thu, 24 Jul 2025 08:40:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775348 The ITAT Nagpur held that the assessee satisfactorily established the identity, creditworthiness, and genuineness of the share capital contribution under section 68. The claim by the Department that the assessee must explain the source of the source was rejected as contrary to the jurisdictional HC precedent. Consequently, the share capital contribution was not treated as unexplained credit. The tribunal allowed the assessee's appeal, deleting the addition made by the revenue. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775348