https://www.taxtmi.com/caselaws?id=119893 The ITAT upheld the assessment and appellate orders adding Rs. 11,75,000 as income from undisclosed sources under section 68 of the Income-tax Act, 1961. The CIT(Appeals) confirmed the addition, citing the assessee's failure to prove the identity, creditworthiness, and genuineness of the share application money. Despite the ITAT's direction for de novo consideration, the CIT(Appeals) did not address each ground independently. The ITAT emphasized the assessee's burden to explain the funds' source and nature, ultimately dismissing the appeal and affirming the addition as income from undisclosed sources. en-us Fri, 29 Sep 2006 00:00:00 +0530 Fri, 13 Jul 2012 18:23:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119893 The ITAT upheld the assessment and appellate orders adding Rs. 11,75,000 as income from undisclosed sources under section 68 of the Income-tax Act, 1961. The CIT(Appeals) confirmed the addition, citing the assessee's failure to prove the identity, creditworthiness, and genuineness of the share application money. Despite the ITAT's direction for de novo consideration, the CIT(Appeals) did not address each ground independently. The ITAT emphasized the assessee's burden to explain the funds' source and nature, ultimately dismissing the appeal and affirming the addition as income from undisclosed sources. Case-Laws Income Tax Fri, 29 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119893