https://www.taxtmi.com/caselaws?id=430097 The appellate tribunal upheld the validity of the assessment under sections 147/148 of the Act and affirmed the additions made under sections 68 and 69C of the Act. The failure to produce directors of the investing companies and insufficient evidence to prove creditworthiness and genuineness of transactions resulted in the dismissal of the appeal. The tribunal found that the assessee did not discharge the onus of proving the legitimacy of the transactions, leading to the decision to uphold the additions. en-us Mon, 19 Sep 2022 00:00:00 +0530 Fri, 11 Nov 2022 09:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430097 The appellate tribunal upheld the validity of the assessment under sections 147/148 of the Act and affirmed the additions made under sections 68 and 69C of the Act. The failure to produce directors of the investing companies and insufficient evidence to prove creditworthiness and genuineness of transactions resulted in the dismissal of the appeal. The tribunal found that the assessee did not discharge the onus of proving the legitimacy of the transactions, leading to the decision to uphold the additions. Case-Laws Income Tax Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430097