https://www.taxtmi.com/caselaws?id=298309 Additions under section 68 relating to share capital and the disallowance under section 37 based on the RBI inspection report were upheld because the assessee failed to discharge the primary onus of proving the genuineness of the share-capital receipts and the identity and creditworthiness of the contributors. The Tribunal also accepted the disallowance of business expenditure supported by the statutory inspection findings, noting that the Commissioner (Appeals) had already passed a speaking order on merits and the record did not justify a different view. No interference with the assessment was warranted. en-us Wed, 04 Dec 2019 00:00:00 +0530 Tue, 26 Oct 2021 08:57:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298309 Additions under section 68 relating to share capital and the disallowance under section 37 based on the RBI inspection report were upheld because the assessee failed to discharge the primary onus of proving the genuineness of the share-capital receipts and the identity and creditworthiness of the contributors. The Tribunal also accepted the disallowance of business expenditure supported by the statutory inspection findings, noting that the Commissioner (Appeals) had already passed a speaking order on merits and the record did not justify a different view. No interference with the assessment was warranted. Case-Laws Income Tax Wed, 04 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298309