https://www.taxtmi.com/caselaws?id=464497 ITAT upheld deletion of addition under s.68, finding the assessee had discharged the primary onus by producing financial statements and evidence of share applicants and the AO failed to satisfactorily rebut or independently investigate those records; the SC precedent relied on by Revenue was held inapplicable. Regarding s.14A read with Rule 8D, ITAT noted the assessee had suo motu made a disallowance exceeding exempt income, so no further disallowance was warranted. Consequentially, the appellate findings in favour of the assessee were sustained and the Revenue's grounds were dismissed. en-us Tue, 16 May 2023 00:00:00 +0530 Fri, 31 Oct 2025 17:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464497 ITAT upheld deletion of addition under s.68, finding the assessee had discharged the primary onus by producing financial statements and evidence of share applicants and the AO failed to satisfactorily rebut or independently investigate those records; the SC precedent relied on by Revenue was held inapplicable. Regarding s.14A read with Rule 8D, ITAT noted the assessee had suo motu made a disallowance exceeding exempt income, so no further disallowance was warranted. Consequentially, the appellate findings in favour of the assessee were sustained and the Revenue's grounds were dismissed. Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464497