https://www.taxtmi.com/caselaws?id=244157 The Court affirmed the Tribunal's decision that the share application money of Rs. 80 lakhs received by the assessee was rightly treated as unexplained income under Section 68 of the Income Tax Act. The Court found that the assessee failed to prove the genuineness of the transactions and the creditworthiness of the share applicants, leading to the dismissal of the appeal. The Court held that the further inquiry by the AO raised doubts, indicating that the amount received was appropriately categorized as bogus share capital. en-us Thu, 13 Feb 2014 00:00:00 +0530 Sat, 21 Feb 2015 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244157 The Court affirmed the Tribunal's decision that the share application money of Rs. 80 lakhs received by the assessee was rightly treated as unexplained income under Section 68 of the Income Tax Act. The Court found that the assessee failed to prove the genuineness of the transactions and the creditworthiness of the share applicants, leading to the dismissal of the appeal. The Court held that the further inquiry by the AO raised doubts, indicating that the amount received was appropriately categorized as bogus share capital. Case-Laws Income Tax Thu, 13 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244157