https://www.taxtmi.com/caselaws?id=374493 The court upheld the decision of the Income Tax Appellate Tribunal (ITAT) in dismissing the appeal for the Assessment Year 2007-08. The appellant failed to prove the creditworthiness of the creditors and the genuineness of the transactions as required under section 68 of the Income Tax Act. The court found that the ITAT had considered all relevant facts, leading to the dismissal of the appeal. Additionally, the addition of Rs. 7,00,000 under section 68 was upheld as the appellant could not prove the genuineness of the transactions and the creditworthiness of the creditors. en-us Tue, 29 Jan 2019 00:00:00 +0530 Sat, 02 Feb 2019 09:28:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374493 The court upheld the decision of the Income Tax Appellate Tribunal (ITAT) in dismissing the appeal for the Assessment Year 2007-08. The appellant failed to prove the creditworthiness of the creditors and the genuineness of the transactions as required under section 68 of the Income Tax Act. The court found that the ITAT had considered all relevant facts, leading to the dismissal of the appeal. Additionally, the addition of Rs. 7,00,000 under section 68 was upheld as the appellant could not prove the genuineness of the transactions and the creditworthiness of the creditors. Case-Laws Income Tax Tue, 29 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374493