https://www.taxtmi.com/caselaws?id=435395 The Tribunal upheld the assessment order under Section 143(3) of the Income Tax Act, adding Rs. 85,10,50,000 under Section 68 due to failure in proving identity, creditworthiness, and genuineness of transactions. The reference to Section 197(c) of the Finance Act, 2016 was dismissed, emphasizing lack of evidence. The Tribunal affirmed the addition of Rs. 1,70,21,000 under Section 69C, as the assessee failed to substantiate genuine transactions. Ultimately, the Tribunal dismissed the appeal, supporting the lower authorities' findings. en-us Fri, 17 Mar 2023 00:00:00 +0530 Sat, 18 Mar 2023 08:30:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435395 The Tribunal upheld the assessment order under Section 143(3) of the Income Tax Act, adding Rs. 85,10,50,000 under Section 68 due to failure in proving identity, creditworthiness, and genuineness of transactions. The reference to Section 197(c) of the Finance Act, 2016 was dismissed, emphasizing lack of evidence. The Tribunal affirmed the addition of Rs. 1,70,21,000 under Section 69C, as the assessee failed to substantiate genuine transactions. Ultimately, the Tribunal dismissed the appeal, supporting the lower authorities' findings. Case-Laws Income Tax Fri, 17 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435395