https://www.taxtmi.com/caselaws?id=340666 The Tribunal upheld the lower authorities' findings that the assessee failed to prove the legitimacy of the share application money. The addition of Rs. 13,90,000 as unexplained income under section 68 was confirmed, as the assessee could not establish the identity, creditworthiness, and genuineness of the transactions. The Tribunal emphasized that mere submission of names and addresses of shareholders was insufficient to discharge the burden of proof under section 68, especially when surrounding circumstances indicated the transactions were not genuine. en-us Fri, 10 Mar 2017 00:00:00 +0530 Fri, 24 Mar 2017 12:50:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340666 The Tribunal upheld the lower authorities' findings that the assessee failed to prove the legitimacy of the share application money. The addition of Rs. 13,90,000 as unexplained income under section 68 was confirmed, as the assessee could not establish the identity, creditworthiness, and genuineness of the transactions. The Tribunal emphasized that mere submission of names and addresses of shareholders was insufficient to discharge the burden of proof under section 68, especially when surrounding circumstances indicated the transactions were not genuine. Case-Laws Income Tax Fri, 10 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340666