https://www.taxtmi.com/caselaws?id=412779 The tribunal upheld the reopening of the assessment under Section 147 and reinstated the addition of Rs. 8,13,29,600 as unexplained cash credit under Section 68. The tribunal found that the assessee did not establish the genuineness of the share application money, which was linked to a money-laundering scheme involving shell companies. The decision was supported by discrepancies in financial statements and bank transactions, questioning the legitimacy of the transactions. The tribunal emphasized the assessee's failure to meet the burden of proof and considered the Supreme Court's guidance on evaluating transactions based on realistic probabilities. en-us Tue, 21 Sep 2021 00:00:00 +0530 Mon, 27 Sep 2021 07:56:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412779 The tribunal upheld the reopening of the assessment under Section 147 and reinstated the addition of Rs. 8,13,29,600 as unexplained cash credit under Section 68. The tribunal found that the assessee did not establish the genuineness of the share application money, which was linked to a money-laundering scheme involving shell companies. The decision was supported by discrepancies in financial statements and bank transactions, questioning the legitimacy of the transactions. The tribunal emphasized the assessee's failure to meet the burden of proof and considered the Supreme Court's guidance on evaluating transactions based on realistic probabilities. Case-Laws Income Tax Tue, 21 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412779