https://www.taxtmi.com/caselaws?id=422337 The appeal against the addition of Rs.2.2 crores under Section 68 of the Income-Tax Act was dismissed by the Tribunal. The appellant failed to substantiate the legitimacy of the unsecured loans, as required by Section 68, by not providing essential details and evidence. Despite attempts to introduce additional evidence later, the appellant's failure to justify the delay in submission led to rejection. The Tribunal upheld the lower authority's decision, emphasizing the necessity of proving the identity, creditworthiness, and genuineness of financial transactions to comply with the Income-Tax Act. en-us Thu, 31 Mar 2022 00:00:00 +0530 Fri, 13 May 2022 07:50:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422337 The appeal against the addition of Rs.2.2 crores under Section 68 of the Income-Tax Act was dismissed by the Tribunal. The appellant failed to substantiate the legitimacy of the unsecured loans, as required by Section 68, by not providing essential details and evidence. Despite attempts to introduce additional evidence later, the appellant's failure to justify the delay in submission led to rejection. The Tribunal upheld the lower authority's decision, emphasizing the necessity of proving the identity, creditworthiness, and genuineness of financial transactions to comply with the Income-Tax Act. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422337