High Court Upholds ITAT Ruling: Assessee Meets Section 68 Burden of Proof with Sufficient Evidence on Share Application Money.

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....Addition u/s 68 - burden of proof - share application money - The High Court, upon reviewing the submissions and evidence, concurred with the ITAT's findings. It emphasized that the Assessee had met the burden of proof required under Section 68, differentiating the case from previous judgments like CIT vs. Sadiq Shaikh. The High Court upheld the ITAT's decision, concluding that the Assessee had satisfactorily demonstrated the nature of the transaction with sufficient documentary evidence.....