https://www.taxtmi.com/caselaws?id=342945 The court upheld the assessing authority's decision to tax the share capital contributions under Section 68 of the Income Tax Act, as the appellant failed to establish the creditworthiness and genuineness of the transactions. Despite relying on precedents, the court emphasized the need for the assessee to prove these elements. The appellant's arguments were deemed insufficient, leading to the dismissal of the appeal in favor of the Revenue. The court affirmed the addition under Section 68 and upheld the Tribunal's findings, ultimately dismissing the appeal without costs. en-us Mon, 24 Apr 2017 00:00:00 +0530 Tue, 19 May 2026 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342945 The court upheld the assessing authority's decision to tax the share capital contributions under Section 68 of the Income Tax Act, as the appellant failed to establish the creditworthiness and genuineness of the transactions. Despite relying on precedents, the court emphasized the need for the assessee to prove these elements. The appellant's arguments were deemed insufficient, leading to the dismissal of the appeal in favor of the Revenue. The court affirmed the addition under Section 68 and upheld the Tribunal's findings, ultimately dismissing the appeal without costs. Case-Laws Income Tax Mon, 24 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342945