https://www.taxtmi.com/caselaws?id=388731 The ITAT Chennai dismissed the appeals challenging the addition under section 68 of the Income Tax Act for AY 2007-2008. The appeals were based on grounds of lack of summons issuance, failure to examine lenders, and violation of principles of natural justice. Despite contentions of genuine transactions and supporting documents, the appellate authorities upheld the addition, citing lack of evidence to prove the transactions' genuineness. The ITAT affirmed the lower authorities' decisions, concluding that there was no basis for interference, leading to the dismissal of the appeals for the AY 2007-2008. en-us Mon, 21 Oct 2019 00:00:00 +0530 Thu, 21 Nov 2019 13:04:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388731 The ITAT Chennai dismissed the appeals challenging the addition under section 68 of the Income Tax Act for AY 2007-2008. The appeals were based on grounds of lack of summons issuance, failure to examine lenders, and violation of principles of natural justice. Despite contentions of genuine transactions and supporting documents, the appellate authorities upheld the addition, citing lack of evidence to prove the transactions' genuineness. The ITAT affirmed the lower authorities' decisions, concluding that there was no basis for interference, leading to the dismissal of the appeals for the AY 2007-2008. Case-Laws Income Tax Mon, 21 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388731