https://www.taxtmi.com/caselaws?id=397174 The ITAT Mumbai upheld the addition of Rs. 45,00,000 under section 68, emphasizing the importance of establishing the veracity of transactions and the existence of involved parties in cases of share application money and share premium. The tribunal found the appellant's evidence lacking in proving the legitimacy of the transaction, ultimately dismissing the appeal and affirming the CIT(A)'s decision. The ruling highlighted the significance of providing concrete evidence to support claims and the consequences of failing to meet the burden of proof in such cases. en-us Mon, 01 Jun 2020 00:00:00 +0530 Fri, 07 Aug 2020 07:34:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397174 The ITAT Mumbai upheld the addition of Rs. 45,00,000 under section 68, emphasizing the importance of establishing the veracity of transactions and the existence of involved parties in cases of share application money and share premium. The tribunal found the appellant's evidence lacking in proving the legitimacy of the transaction, ultimately dismissing the appeal and affirming the CIT(A)'s decision. The ruling highlighted the significance of providing concrete evidence to support claims and the consequences of failing to meet the burden of proof in such cases. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397174