https://www.taxtmi.com/caselaws?id=330082 The High Court dismissed the appeal against the Tribunal's judgment on additions related to share application money and borrowed money for the assessment year 1994-95. The Court upheld the additions as the assessee failed to prove the genuineness and legitimacy of the transactions. The Tribunal's decision was affirmed, emphasizing the burden of proof on the assessee under section 68 of the Income Tax Act. A miscellaneous application filed post-appeal dismissal was also rejected, with each party bearing their own costs. en-us Wed, 29 Jun 2016 00:00:00 +0530 Sat, 16 Jul 2016 13:10:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330082 The High Court dismissed the appeal against the Tribunal's judgment on additions related to share application money and borrowed money for the assessment year 1994-95. The Court upheld the additions as the assessee failed to prove the genuineness and legitimacy of the transactions. The Tribunal's decision was affirmed, emphasizing the burden of proof on the assessee under section 68 of the Income Tax Act. A miscellaneous application filed post-appeal dismissal was also rejected, with each party bearing their own costs. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330082