https://www.taxtmi.com/caselaws?id=428781 The Tribunal affirmed the addition of Rs.20,35,000 as a bogus loss under section 68 of the Income Tax Act, 1961, due to lack of credible evidence supporting the genuineness of the transactions. The appellant's failure to provide necessary documentation and inconsistencies in financial capacity led to the dismissal of their arguments. Additionally, the Tribunal emphasized the importance of active participation in appeal proceedings, ultimately dismissing the appeal due to the appellant's absence and inability to counter the authorities' findings with substantial evidence. en-us Thu, 22 Sep 2022 00:00:00 +0530 Mon, 10 Oct 2022 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428781 The Tribunal affirmed the addition of Rs.20,35,000 as a bogus loss under section 68 of the Income Tax Act, 1961, due to lack of credible evidence supporting the genuineness of the transactions. The appellant's failure to provide necessary documentation and inconsistencies in financial capacity led to the dismissal of their arguments. Additionally, the Tribunal emphasized the importance of active participation in appeal proceedings, ultimately dismissing the appeal due to the appellant's absence and inability to counter the authorities' findings with substantial evidence. Case-Laws Income Tax Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428781