https://www.taxtmi.com/caselaws?id=436015 The appeals of the twin assessees were dismissed by the tribunal, upholding the additions of share premium and unexplained cash credits under sec.56(2)(viib) and sec.68 of the Income Tax Act, 1961. The tribunal emphasized the need for the assessees to justify the transactions by proving genuineness and creditworthiness, as well as providing necessary details and justification for the amounts received. Additionally, the tribunal dismissed the transfer petitions filed by the assessees, stating that the appellate jurisdiction is determined by the situs of the Assessing Officer, which in this case fell under the Pune Benches of the tribunal. en-us Thu, 30 Mar 2023 00:00:00 +0530 Sat, 01 Apr 2023 08:22:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436015 The appeals of the twin assessees were dismissed by the tribunal, upholding the additions of share premium and unexplained cash credits under sec.56(2)(viib) and sec.68 of the Income Tax Act, 1961. The tribunal emphasized the need for the assessees to justify the transactions by proving genuineness and creditworthiness, as well as providing necessary details and justification for the amounts received. Additionally, the tribunal dismissed the transfer petitions filed by the assessees, stating that the appellate jurisdiction is determined by the situs of the Assessing Officer, which in this case fell under the Pune Benches of the tribunal. Case-Laws Income Tax Thu, 30 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436015