https://www.taxtmi.com/caselaws?id=333954 The Tribunal upheld the assessing officer's addition under section 68 of the Income Tax Act, 1961, due to discrepancies in the identity and existence of shareholders. While a link to an individual was established, the Tribunal deemed the addition in the assessee companies' hands as leading to double taxation, emphasizing the need to prove shareholders' authenticity. The Tribunal rejected arguments regarding the assessment of the individual's income and ruled in favor of maintaining the addition under section 68, highlighting the assessee's burden to substantiate the legitimacy of share transactions. en-us Thu, 15 Sep 2016 00:00:00 +0530 Fri, 28 Oct 2016 14:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333954 The Tribunal upheld the assessing officer's addition under section 68 of the Income Tax Act, 1961, due to discrepancies in the identity and existence of shareholders. While a link to an individual was established, the Tribunal deemed the addition in the assessee companies' hands as leading to double taxation, emphasizing the need to prove shareholders' authenticity. The Tribunal rejected arguments regarding the assessment of the individual's income and ruled in favor of maintaining the addition under section 68, highlighting the assessee's burden to substantiate the legitimacy of share transactions. Case-Laws Income Tax Thu, 15 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333954