https://www.taxtmi.com/caselaws?id=249297 The ITAT upheld the CIT(A)'s decision to add Rs. 31,00,000 under section 68 of the Act in the appeal against the order for A.Y. 2007-08. The Assessee's challenge regarding the creditworthiness of the lender and the source of unsecured loans received was dismissed as they failed to provide sufficient evidence. The transaction was deemed lacking in genuineness due to shared partners between the lender and the Assessee firm, leading to the confirmation of the addition by both the CIT(A) and the ITAT. en-us Fri, 13 Jun 2014 00:00:00 +0530 Thu, 10 Jul 2014 07:53:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249297 The ITAT upheld the CIT(A)'s decision to add Rs. 31,00,000 under section 68 of the Act in the appeal against the order for A.Y. 2007-08. The Assessee's challenge regarding the creditworthiness of the lender and the source of unsecured loans received was dismissed as they failed to provide sufficient evidence. The transaction was deemed lacking in genuineness due to shared partners between the lender and the Assessee firm, leading to the confirmation of the addition by both the CIT(A) and the ITAT. Case-Laws Income Tax Fri, 13 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249297