https://www.taxtmi.com/caselaws?id=426553 The Tribunal upheld the addition of Rs. 60,00,000 under Section 68 of the Income Tax Act, as the assessee failed to prove the identity, creditworthiness, and genuineness of transactions. The denial of cross-examination and levy of interest were deemed unsubstantiated. The initiation of penalty proceedings under Section 271(1)(c) was considered lawful. The appeal was dismissed on 16th August 2022. en-us Tue, 16 Aug 2022 00:00:00 +0530 Sat, 20 Aug 2022 08:27:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426553 The Tribunal upheld the addition of Rs. 60,00,000 under Section 68 of the Income Tax Act, as the assessee failed to prove the identity, creditworthiness, and genuineness of transactions. The denial of cross-examination and levy of interest were deemed unsubstantiated. The initiation of penalty proceedings under Section 271(1)(c) was considered lawful. The appeal was dismissed on 16th August 2022. Case-Laws Income Tax Tue, 16 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426553