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of <h1>Tribunal Rules Share Capital Investments Cannot Be Unexplained Cash Credits Without Concrete Evidence u/s 68 of Income Tax Act.</h1> The case examines whether investments in the form of share capital and premium can be classified as unexplained cash credits under Section 68 of the Income Tax Act, 1961. This section requires assessees to justify the nature and source of credits in their books. The assessee provided evidence of the identity, creditworthiness, and genuineness of transactions, shifting the burden to the Income Tax Department. The Tribunal ruled in favor of the assessee, emphasizing that mere suspicion is insufficient for additions under Section 68. The decision underscores the necessity of concrete evidence and thorough investigation by tax authorities.
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