Addition under Section 68 sustained where assessee failed to prove applicant identity, creditworthiness and genuineness of transactions

SC upheld addition under section 68, ruling the assessee failed to establish identity, creditworthiness of share applicants or genuineness of transactions; surrounding circumstances and AO's inquiries were significant but disregarded by the Tribunal, which failed to take a holistic view. Decision favoured the Revenue.

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Title: Supreme Court of India Judgment 2015 (9) TMI 54 - SC

Judges: Madan B. Lokur and C. Nagappan, JJ.

Representation: Petitioner represented by Y.K. Kapur, K. Kapur, Bhushan Kapur, and Rajinder Mathur, Advocates. Respondent represented by Rupesh Kumar, Ms. Shipra Ghose, and Mrs. Anil Katiyar, Advocates.

Decision: Delay condoned. Special leave petition dismissed.

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