https://www.taxtmi.com/caselaws?id=430828 The Tribunal dismissed the appeal, upholding the addition of Rs. 84,00,000/- under section 68 of the Income Tax Act for Assessment Year 2009-10. The decision was based on the assessee's failure to establish the genuineness of share application money transactions, lack of cooperation during proceedings, and inability to prove the identity and creditworthiness of share applicants. The Tribunal affirmed the CIT(A)'s findings, confirming the addition due to the appellant's status as a shell company and absence of compelling evidence or arguments. en-us Wed, 23 Nov 2022 00:00:00 +0530 Tue, 29 Nov 2022 09:14:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430828 The Tribunal dismissed the appeal, upholding the addition of Rs. 84,00,000/- under section 68 of the Income Tax Act for Assessment Year 2009-10. The decision was based on the assessee's failure to establish the genuineness of share application money transactions, lack of cooperation during proceedings, and inability to prove the identity and creditworthiness of share applicants. The Tribunal affirmed the CIT(A)'s findings, confirming the addition due to the appellant's status as a shell company and absence of compelling evidence or arguments. Case-Laws Income Tax Wed, 23 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430828