https://www.taxtmi.com/caselaws?id=360285 The Income Tax Appellate Tribunal upheld the addition of Rs. 3 Crores as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee failed to prove the creditworthiness of the shareholders and the genuineness of the transactions, as the shareholders were untraceable and lacked financial strength to justify the investment. Despite arguments based on previous judicial decisions, the Tribunal concluded that the addition was warranted, dismissing the appeal and affirming the assessment. en-us Fri, 11 May 2018 00:00:00 +0530 Mon, 14 May 2018 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360285 The Income Tax Appellate Tribunal upheld the addition of Rs. 3 Crores as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee failed to prove the creditworthiness of the shareholders and the genuineness of the transactions, as the shareholders were untraceable and lacked financial strength to justify the investment. Despite arguments based on previous judicial decisions, the Tribunal concluded that the addition was warranted, dismissing the appeal and affirming the assessment. Case-Laws Income Tax Fri, 11 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360285