https://www.taxtmi.com/caselaws?id=390306 The ITAT upheld the reopening of the assessment and the addition of Rs. 90,00,000 under Section 68 of the Income Tax Act. The assessee's appeal was dismissed as the ITAT found that the assessee failed to prove the genuineness of the transactions and the creditworthiness of the shareholders. The ITAT clarified that the assessee could seek restoration of the appeal according to the Proviso to Rule 24 of the Income Tax (Appellate Tribunal) Rules, 1963. en-us Thu, 12 Dec 2019 00:00:00 +0530 Mon, 16 Dec 2019 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390306 The ITAT upheld the reopening of the assessment and the addition of Rs. 90,00,000 under Section 68 of the Income Tax Act. The assessee's appeal was dismissed as the ITAT found that the assessee failed to prove the genuineness of the transactions and the creditworthiness of the shareholders. The ITAT clarified that the assessee could seek restoration of the appeal according to the Proviso to Rule 24 of the Income Tax (Appellate Tribunal) Rules, 1963. Case-Laws Income Tax Thu, 12 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390306