https://www.taxtmi.com/caselaws?id=194274 The ITAT upheld the addition of Rs. 1,64,80,335/- under Section 68 of the Income Tax Act, 1961, as the assessee failed to prove the genuineness of cash credits and the creditworthiness of shareholders. The deletion of penalty under Section 271(1)(c) was reversed since the addition under Section 68 was upheld. The judgment stressed the importance of thorough inquiry and substantiation in share capital and premium transactions. en-us Mon, 30 May 2016 00:00:00 +0530 Mon, 04 Sep 2017 08:58:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194274 The ITAT upheld the addition of Rs. 1,64,80,335/- under Section 68 of the Income Tax Act, 1961, as the assessee failed to prove the genuineness of cash credits and the creditworthiness of shareholders. The deletion of penalty under Section 271(1)(c) was reversed since the addition under Section 68 was upheld. The judgment stressed the importance of thorough inquiry and substantiation in share capital and premium transactions. Case-Laws Income Tax Mon, 30 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194274