https://www.taxtmi.com/caselaws?id=429768 The Tribunal condoned the delay in filing the appeal due to COVID-19 restrictions and admitted it for adjudication. However, the addition of Rs. 1,22,00,000 under sec. 68 of the Income Tax Act, 1961 for unexplained share capital/premium was confirmed. The Tribunal found that the assessee failed to prove the identity and creditworthiness of shareholders or the genuineness of the transaction, leading to the conclusion that unaccounted income was routed through bogus share capital and premium. Consequently, the appeal was dismissed, and the addition under sec. 68 was upheld. en-us Mon, 31 Oct 2022 00:00:00 +0530 Fri, 04 Nov 2022 08:53:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429768 The Tribunal condoned the delay in filing the appeal due to COVID-19 restrictions and admitted it for adjudication. However, the addition of Rs. 1,22,00,000 under sec. 68 of the Income Tax Act, 1961 for unexplained share capital/premium was confirmed. The Tribunal found that the assessee failed to prove the identity and creditworthiness of shareholders or the genuineness of the transaction, leading to the conclusion that unaccounted income was routed through bogus share capital and premium. Consequently, the appeal was dismissed, and the addition under sec. 68 was upheld. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429768