https://www.taxtmi.com/caselaws?id=441533 The Tribunal upheld the addition of Rs. 15,22,00,000 under section 68 of the Income Tax Act, as the appellant failed to prove the identity and creditworthiness of share applicants and the genuineness of the transaction. Despite providing explanations and documents, the appellant's submissions were deemed insufficient to meet the burden of proof required. The Tribunal emphasized the legal obligation to establish these elements, dismissing the appellant's appeal and affirming the orders of the Assessing Officer and the CIT(A). en-us Tue, 08 Aug 2023 00:00:00 +0530 Thu, 10 Aug 2023 07:58:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441533 The Tribunal upheld the addition of Rs. 15,22,00,000 under section 68 of the Income Tax Act, as the appellant failed to prove the identity and creditworthiness of share applicants and the genuineness of the transaction. Despite providing explanations and documents, the appellant's submissions were deemed insufficient to meet the burden of proof required. The Tribunal emphasized the legal obligation to establish these elements, dismissing the appellant's appeal and affirming the orders of the Assessing Officer and the CIT(A). Case-Laws Income Tax Tue, 08 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441533