https://www.taxtmi.com/caselaws?id=339580 The tribunal dismissed all four appeals by the assessee, upholding the disallowance of claimed amounts under section 68 and interest due to failure in establishing the identity, creditworthiness, and genuineness of transactions. Additionally, the tribunal upheld the disallowance of the claim under section 36(1)(vii) for write-off of bad debts, emphasizing the necessity of actual write-offs in the accounts to claim deductions post-amendments to the relevant section. The tribunal emphasized the importance of meeting statutory requirements and proving transaction legitimacy to avoid disallowances under the Income Tax Act. en-us Tue, 21 Feb 2017 00:00:00 +0530 Thu, 02 Mar 2017 07:58:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339580 The tribunal dismissed all four appeals by the assessee, upholding the disallowance of claimed amounts under section 68 and interest due to failure in establishing the identity, creditworthiness, and genuineness of transactions. Additionally, the tribunal upheld the disallowance of the claim under section 36(1)(vii) for write-off of bad debts, emphasizing the necessity of actual write-offs in the accounts to claim deductions post-amendments to the relevant section. The tribunal emphasized the importance of meeting statutory requirements and proving transaction legitimacy to avoid disallowances under the Income Tax Act. Case-Laws Income Tax Tue, 21 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339580