https://www.taxtmi.com/caselaws?id=216771 The Tribunal upheld the addition of Rs. 28,00,000/- under Section 68 of the Income Tax Act, 1961, as the assessee failed to prove the identity, genuineness, and creditworthiness of the shareholders. Detailed inquiries by the Assessing Officer revealed that the share application money was not genuine, with alleged investors being found to be bogus and non-existent. The Tribunal affirmed that the share capital transaction was not authentic, leading to the dismissal of the assessee's appeal. en-us Mon, 02 Jul 2012 00:00:00 +0530 Thu, 20 Sep 2012 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216771 The Tribunal upheld the addition of Rs. 28,00,000/- under Section 68 of the Income Tax Act, 1961, as the assessee failed to prove the identity, genuineness, and creditworthiness of the shareholders. Detailed inquiries by the Assessing Officer revealed that the share application money was not genuine, with alleged investors being found to be bogus and non-existent. The Tribunal affirmed that the share capital transaction was not authentic, leading to the dismissal of the assessee's appeal. Case-Laws Income Tax Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216771