https://www.taxtmi.com/caselaws?id=360243 The High Court of Calcutta upheld the addition of share capital amounting to Rs. 46,72,000 in the appellant's hands under Section 68 of the Income Tax Act, 1961. The Court found discrepancies in shareholder addresses, shared addresses near the appellant's office, and doubts regarding the genuineness of transactions. Despite the appellant's submissions, the Appellate Tribunal did not find any flaws in the assessment. The appellant failed to provide balance-sheets and relied on suspicious affidavits, leading to the dismissal of the appeal with costs imposed. The judgment emphasizes the need to substantiate transactions and address doubts to prevent additions under Section 68. en-us Mon, 07 May 2018 00:00:00 +0530 Sat, 12 May 2018 08:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360243 The High Court of Calcutta upheld the addition of share capital amounting to Rs. 46,72,000 in the appellant's hands under Section 68 of the Income Tax Act, 1961. The Court found discrepancies in shareholder addresses, shared addresses near the appellant's office, and doubts regarding the genuineness of transactions. Despite the appellant's submissions, the Appellate Tribunal did not find any flaws in the assessment. The appellant failed to provide balance-sheets and relied on suspicious affidavits, leading to the dismissal of the appeal with costs imposed. The judgment emphasizes the need to substantiate transactions and address doubts to prevent additions under Section 68. Case-Laws Income Tax Mon, 07 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360243