https://www.taxtmi.com/caselaws?id=426788 The appeal against the addition under Section 68 of the Income Tax Act, 1961 for the assessment year 2016-17 was dismissed. The Tribunal affirmed the orders of the Assessing Officer and the Commissioner of Income Tax (Appeals) as the appellant failed to provide evidence to substantiate the genuineness of share application money and unsecured loans received. Despite opportunities to prove the legitimacy of the transactions, the appellant did not attend the appellate proceedings or provide further details. Consequently, the addition under Section 68 was upheld, confirming the assessed income by the Assessing Officer. en-us Tue, 23 Aug 2022 00:00:00 +0530 Thu, 25 Aug 2022 08:14:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426788 The appeal against the addition under Section 68 of the Income Tax Act, 1961 for the assessment year 2016-17 was dismissed. The Tribunal affirmed the orders of the Assessing Officer and the Commissioner of Income Tax (Appeals) as the appellant failed to provide evidence to substantiate the genuineness of share application money and unsecured loans received. Despite opportunities to prove the legitimacy of the transactions, the appellant did not attend the appellate proceedings or provide further details. Consequently, the addition under Section 68 was upheld, confirming the assessed income by the Assessing Officer. Case-Laws Income Tax Tue, 23 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426788