https://www.taxtmi.com/caselaws?id=258456 The High Court upheld the addition of Rs. 24 lakhs as share capital received from six applicants, rejecting the appellant's appeal due to failure in proving the identity and creditworthiness of the share applicants under Section 68 of the Income Tax Act. Despite citing previous court decisions, including the Supreme Court's ruling in CIT vs. Bharat Engineering and Construction, the appellant's arguments were deemed unsatisfactory. The court emphasized the necessity of establishing the genuineness of transactions and creditworthiness of applicants, leading to the dismissal of the appeal based on insufficient evidence and lower authorities' decisions. en-us Fri, 27 Mar 2015 00:00:00 +0530 Sat, 07 Nov 2015 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258456 The High Court upheld the addition of Rs. 24 lakhs as share capital received from six applicants, rejecting the appellant's appeal due to failure in proving the identity and creditworthiness of the share applicants under Section 68 of the Income Tax Act. Despite citing previous court decisions, including the Supreme Court's ruling in CIT vs. Bharat Engineering and Construction, the appellant's arguments were deemed unsatisfactory. The court emphasized the necessity of establishing the genuineness of transactions and creditworthiness of applicants, leading to the dismissal of the appeal based on insufficient evidence and lower authorities' decisions. Case-Laws Income Tax Fri, 27 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258456