https://www.taxtmi.com/caselaws?id=401870 The High Court upheld the Tribunal's decision to add Rs. 3.05 crores under Section 68 of the Income Tax Act, 1961, in the Assessee's hands. The Court found that the Assessee failed to prove the genuineness of the loan transaction and the identity of the creditor, M/s.AR.Com. Despite the Assessee's reliance on banking channels, the Court held that the evidence provided was insufficient. The Court also noted the Assessee's retraction of statements made under Section 131 of the Act and compared the transaction with M/s.AR.Com to other accepted loans, ultimately dismissing the appeal and affirming the addition under Section 68. en-us Mon, 30 Nov 2020 00:00:00 +0530 Sat, 30 Jan 2021 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401870 The High Court upheld the Tribunal's decision to add Rs. 3.05 crores under Section 68 of the Income Tax Act, 1961, in the Assessee's hands. The Court found that the Assessee failed to prove the genuineness of the loan transaction and the identity of the creditor, M/s.AR.Com. Despite the Assessee's reliance on banking channels, the Court held that the evidence provided was insufficient. The Court also noted the Assessee's retraction of statements made under Section 131 of the Act and compared the transaction with M/s.AR.Com to other accepted loans, ultimately dismissing the appeal and affirming the addition under Section 68. Case-Laws Income Tax Mon, 30 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401870