https://www.taxtmi.com/caselaws?id=376471 The Tribunal upheld the addition of Rs. 36,33,000/- under Section 68 of the Income Tax Act, dismissing the assessee's appeal. The Tribunal found that the assessee failed to establish the identity, genuineness, and creditworthiness of the share applicants adequately. Despite submitting various documents, the share applicants' financial capabilities were questionable, and suspicious banking activities raised doubts about the legitimacy of the transactions. The Tribunal concluded that the AO's addition was justified due to the lack of sufficient evidence provided by the assessee. en-us Tue, 05 Mar 2019 00:00:00 +0530 Sat, 09 Mar 2019 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376471 The Tribunal upheld the addition of Rs. 36,33,000/- under Section 68 of the Income Tax Act, dismissing the assessee's appeal. The Tribunal found that the assessee failed to establish the identity, genuineness, and creditworthiness of the share applicants adequately. Despite submitting various documents, the share applicants' financial capabilities were questionable, and suspicious banking activities raised doubts about the legitimacy of the transactions. The Tribunal concluded that the AO's addition was justified due to the lack of sufficient evidence provided by the assessee. Case-Laws Income Tax Tue, 05 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376471