https://www.taxtmi.com/caselaws?id=409085 The Tribunal upheld the decision to treat the share capital as unexplained cash credits under section 68 of the Income Tax Act for Assessment Year 2014-15. The appellant's failure to establish the legitimacy of the transaction and the creditworthiness of the investor resulted in the addition being affirmed. Despite submitting a detailed paper book, the appellant did not meet the requirement to prove the source of source as per the 1st proviso to section 68. Legal precedents stressed the obligation to demonstrate the genuineness, identity, and creditworthiness of investors, leading to the dismissal of the appeal. en-us Fri, 25 Jun 2021 00:00:00 +0530 Tue, 29 Jun 2021 09:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409085 The Tribunal upheld the decision to treat the share capital as unexplained cash credits under section 68 of the Income Tax Act for Assessment Year 2014-15. The appellant's failure to establish the legitimacy of the transaction and the creditworthiness of the investor resulted in the addition being affirmed. Despite submitting a detailed paper book, the appellant did not meet the requirement to prove the source of source as per the 1st proviso to section 68. Legal precedents stressed the obligation to demonstrate the genuineness, identity, and creditworthiness of investors, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 25 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409085