https://www.taxtmi.com/caselaws?id=279072 The Tribunal upheld the addition of Rs. 190 Crores as unexplained cash credits under Section 68 of the Income Tax Act, reversing the CIT(A)'s decision. It found that the transactions lacked genuineness and creditworthiness, with unjustifiable high share premiums. Despite transactions being legally valid under the Negotiable Instruments Act and Companies Act, the assessee failed to meet Section 68 requirements. The Tribunal deemed the transactions as sham, involving circular endorsements of cheques and fictitious investments. The Revenue's appeal was successful. en-us Wed, 28 Jun 2017 00:00:00 +0530 Sat, 02 Mar 2019 13:31:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279072 The Tribunal upheld the addition of Rs. 190 Crores as unexplained cash credits under Section 68 of the Income Tax Act, reversing the CIT(A)'s decision. It found that the transactions lacked genuineness and creditworthiness, with unjustifiable high share premiums. Despite transactions being legally valid under the Negotiable Instruments Act and Companies Act, the assessee failed to meet Section 68 requirements. The Tribunal deemed the transactions as sham, involving circular endorsements of cheques and fictitious investments. The Revenue's appeal was successful. Case-Laws Income Tax Wed, 28 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279072