https://www.taxtmi.com/caselaws?id=353452 The Tribunal dismissed the appeal, upholding the addition of Rs. 96,30,000 under Section 68 of the Income Tax Act. The decision was based on the lack of evidence of creditworthiness and genuineness of transactions involving share application money. The initiation of penalty proceedings under Section 271D was not addressed separately. The judgment underscores the necessity of providing credible evidence to meet the initial burden under Section 68, particularly in cases involving private limited companies. en-us Mon, 18 Dec 2017 00:00:00 +0530 Thu, 04 Jan 2018 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353452 The Tribunal dismissed the appeal, upholding the addition of Rs. 96,30,000 under Section 68 of the Income Tax Act. The decision was based on the lack of evidence of creditworthiness and genuineness of transactions involving share application money. The initiation of penalty proceedings under Section 271D was not addressed separately. The judgment underscores the necessity of providing credible evidence to meet the initial burden under Section 68, particularly in cases involving private limited companies. Case-Laws Income Tax Mon, 18 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353452