https://www.taxtmi.com/caselaws?id=306963 The Tribunal upheld the Assessing Officer's addition of Rs. 1,75,79,740/- as unexplained cash credits under Section 68 of the Income Tax Act, finding that the assessee failed to prove the identity, creditworthiness, and genuineness of the transactions involving loans from paper companies. Additionally, the Tribunal dismissed the assessee's argument for the applicability of Section 153C over Section 147, ruling that the conditions for invoking Section 153C were not met as no material belonging to the assessee was found during the search on a third party. en-us Fri, 29 Apr 2022 00:00:00 +0530 Fri, 10 Mar 2023 08:57:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306963 The Tribunal upheld the Assessing Officer's addition of Rs. 1,75,79,740/- as unexplained cash credits under Section 68 of the Income Tax Act, finding that the assessee failed to prove the identity, creditworthiness, and genuineness of the transactions involving loans from paper companies. Additionally, the Tribunal dismissed the assessee's argument for the applicability of Section 153C over Section 147, ruling that the conditions for invoking Section 153C were not met as no material belonging to the assessee was found during the search on a third party. Case-Laws Income Tax Fri, 29 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306963