https://www.taxtmi.com/caselaws?id=391169 The ITAT affirmed the lower authorities' decision to treat the assessee's share capital of Rs. 21 crores as unexplained cash credits under Section 68 of the Income Tax Act. The tribunal emphasized the assessee's failure to prove the identity, genuineness, and creditworthiness of investor parties. Despite referencing various case laws and judicial precedents, the tribunal found the appellant's transactions lacked genuineness and shareholder creditworthiness. The appeal was dismissed, and the ITAT upheld the addition of the share capital as unexplained cash credits, citing the Supreme Court precedent and agreeing with the lower authorities' decision. en-us Fri, 17 Jan 2020 00:00:00 +0530 Tue, 21 Jan 2020 08:17:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391169 The ITAT affirmed the lower authorities' decision to treat the assessee's share capital of Rs. 21 crores as unexplained cash credits under Section 68 of the Income Tax Act. The tribunal emphasized the assessee's failure to prove the identity, genuineness, and creditworthiness of investor parties. Despite referencing various case laws and judicial precedents, the tribunal found the appellant's transactions lacked genuineness and shareholder creditworthiness. The appeal was dismissed, and the ITAT upheld the addition of the share capital as unexplained cash credits, citing the Supreme Court precedent and agreeing with the lower authorities' decision. Case-Laws Income Tax Fri, 17 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391169