https://www.taxtmi.com/caselaws?id=387147 The ITAT upheld the CIT(A)'s decision and dismissed the appeal. The appellant failed to prove the creditworthiness of the foreign investing company, resulting in the addition of share application money under section 68 of the IT Act. The judgment emphasized the necessity of substantiating creditworthiness and investment reasons to avoid unexplained cash credit implications. en-us Mon, 14 Oct 2019 00:00:00 +0530 Fri, 18 Oct 2019 07:18:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387147 The ITAT upheld the CIT(A)'s decision and dismissed the appeal. The appellant failed to prove the creditworthiness of the foreign investing company, resulting in the addition of share application money under section 68 of the IT Act. The judgment emphasized the necessity of substantiating creditworthiness and investment reasons to avoid unexplained cash credit implications. Case-Laws Income Tax Mon, 14 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387147