https://www.taxtmi.com/caselaws?id=413962 The Tribunal upheld the addition of Rs. 3,02,27,000 under Section 68 for Share Capital due to failure to establish the genuineness of transactions. It also confirmed the disallowance of Rs. 44,71,618 under Section 37 for diversion of funds related to loans issued in violation of norms. Additionally, the disallowance of Rs. 87,74,000 for various expenditures based on discrepancies noted by RBI was partially allowed, resulting in an upheld addition of Rs. 85.67 lakhs. The Tribunal dismissed the appeal, affirming the CIT(A)'s decisions on all grounds. en-us Thu, 21 Oct 2021 00:00:00 +0530 Fri, 02 Dec 2022 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413962 The Tribunal upheld the addition of Rs. 3,02,27,000 under Section 68 for Share Capital due to failure to establish the genuineness of transactions. It also confirmed the disallowance of Rs. 44,71,618 under Section 37 for diversion of funds related to loans issued in violation of norms. Additionally, the disallowance of Rs. 87,74,000 for various expenditures based on discrepancies noted by RBI was partially allowed, resulting in an upheld addition of Rs. 85.67 lakhs. The Tribunal dismissed the appeal, affirming the CIT(A)'s decisions on all grounds. Case-Laws Income Tax Thu, 21 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413962