https://www.taxtmi.com/caselaws?id=380018 The tribunal upheld the addition of Rs. 35 lacs under section 68 of the Income Tax Act 1961, as the assessee failed to prove the creditworthiness of share applicants and the genuineness of transactions. Despite producing additional documents at the appellate stage, doubts remained regarding the legitimacy of investments. Similarly, the disallowance of Rs. 3,46,000 for repair expenses was affirmed, as the assessee could not justify the expenses due to lack of evidence and discrepancies in business activities. The judgment emphasizes the importance of substantiating financial transactions and expenses to avoid adverse tax implications. en-us Thu, 09 May 2019 00:00:00 +0530 Fri, 10 May 2019 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380018 The tribunal upheld the addition of Rs. 35 lacs under section 68 of the Income Tax Act 1961, as the assessee failed to prove the creditworthiness of share applicants and the genuineness of transactions. Despite producing additional documents at the appellate stage, doubts remained regarding the legitimacy of investments. Similarly, the disallowance of Rs. 3,46,000 for repair expenses was affirmed, as the assessee could not justify the expenses due to lack of evidence and discrepancies in business activities. The judgment emphasizes the importance of substantiating financial transactions and expenses to avoid adverse tax implications. Case-Laws Income Tax Thu, 09 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380018