https://www.taxtmi.com/caselaws?id=356826 The appeal challenging the ITAT order regarding tax under Section 68 of the Income Tax Act, 1961 on share application money from foreign nationals was dismissed. The ITAT's decision was upheld as the evidence presented by the assessee, including financial statements and confirmations, sufficiently established the investors' creditworthiness. The ITAT found no substantial legal question in the appeal, emphasizing that the burden on the assessee to disclose the share applicants' identity and money genuineness was adequately discharged. en-us Wed, 28 Feb 2018 00:00:00 +0530 Tue, 13 Mar 2018 09:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356826 The appeal challenging the ITAT order regarding tax under Section 68 of the Income Tax Act, 1961 on share application money from foreign nationals was dismissed. The ITAT's decision was upheld as the evidence presented by the assessee, including financial statements and confirmations, sufficiently established the investors' creditworthiness. The ITAT found no substantial legal question in the appeal, emphasizing that the burden on the assessee to disclose the share applicants' identity and money genuineness was adequately discharged. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356826