https://www.taxtmi.com/caselaws?id=381760 The Tribunal upheld the addition of Rs. 25.00 lakh each by the Assessing Officer under section 68 of the Income-tax Act, 1961 in the hands of three related companies engaged in trading herbal products. The companies failed to substantiate the genuineness of transactions involving share application money from entities linked to providing accommodation entries. Despite multiple adjournments, the assessees' lack of representation led to the Tribunal proceeding ex parte and ultimately dismissing all three appeals, emphasizing the importance of providing substantial evidence and active participation in appeal hearings. en-us Thu, 16 May 2019 00:00:00 +0530 Wed, 19 Jun 2019 06:48:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381760 The Tribunal upheld the addition of Rs. 25.00 lakh each by the Assessing Officer under section 68 of the Income-tax Act, 1961 in the hands of three related companies engaged in trading herbal products. The companies failed to substantiate the genuineness of transactions involving share application money from entities linked to providing accommodation entries. Despite multiple adjournments, the assessees' lack of representation led to the Tribunal proceeding ex parte and ultimately dismissing all three appeals, emphasizing the importance of providing substantial evidence and active participation in appeal hearings. Case-Laws Income Tax Thu, 16 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381760