https://www.taxtmi.com/caselaws?id=775526 The HC upheld the ITAT's deletion of additions under section 68 relating to unaccounted cash credit of share capital and premium. The assessee successfully established the identity, creditworthiness, and genuineness of the shareholders and the transactions through confirmation letters, source of funds, and documentary evidence. Summons under section 131 were complied with, and the share applicants demonstrated sufficient funds. The Tribunal found all three essential elements proved, shifting the burden to the department, which failed to disprove the assessee's claims. The decision was therefore in favor of the assessee. en-us Thu, 10 Jul 2025 00:00:00 +0530 Sat, 26 Jul 2025 08:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775526 The HC upheld the ITAT's deletion of additions under section 68 relating to unaccounted cash credit of share capital and premium. The assessee successfully established the identity, creditworthiness, and genuineness of the shareholders and the transactions through confirmation letters, source of funds, and documentary evidence. Summons under section 131 were complied with, and the share applicants demonstrated sufficient funds. The Tribunal found all three essential elements proved, shifting the burden to the department, which failed to disprove the assessee's claims. The decision was therefore in favor of the assessee. Case-Laws Income Tax Thu, 10 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775526