https://www.taxtmi.com/caselaws?id=466302 Addition under section 68 questioned the identity, genuineness and creditworthiness of share subscribers; tribunal observed the assessee furnished detailed evidence and discharged the initial burden, shifting the duty to the AO to make independent inquiries and point out specific deficiencies, which the AO failed to do, so the appellate authority deleted the addition. The tribunal applied the Supreme Court ratio in PCIT v. NRA Iron and Steel to hold that without AO's independent verification and confrontation of discrepancies the addition was not sustainable, resulting in a decision in favour of the assessee and against the revenue. en-us Wed, 19 Apr 2023 00:00:00 +0530 Fri, 30 Jan 2026 11:20:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466302 Addition under section 68 questioned the identity, genuineness and creditworthiness of share subscribers; tribunal observed the assessee furnished detailed evidence and discharged the initial burden, shifting the duty to the AO to make independent inquiries and point out specific deficiencies, which the AO failed to do, so the appellate authority deleted the addition. The tribunal applied the Supreme Court ratio in PCIT v. NRA Iron and Steel to hold that without AO's independent verification and confrontation of discrepancies the addition was not sustainable, resulting in a decision in favour of the assessee and against the revenue. Case-Laws Income Tax Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466302